Credit History

paulaswolfpack · #1 01/04/08, 11:47 AM

I have been buying owner finace for 4 years now how do I get my good credit into the good credit system like the ones who check your credit history?
I have never missed a payment on it or the homeowners insureance,,,,,,,,,Paula

Janis Sauncy · #2 01/04/08, 11:52 AM

Paula:

Do you pay directly to the seller or do you do as I do, which is pay to a bank (under their contract collection service)? I know my payments made through the bank are recorded but I don't know if that's information the credit reporting bureaus receive (I guess I could just ask my bank).

I look forward to the answers you get because this is something I wonder about also. I would eventually like to refinance and my payment history will be important.

Janis

coalroadcabin · #3 01/04/08, 12:31 PM

The only info on your credit report is the info provided by your creditors. So I would think it unlikely that your owner financed loan would show up on a credit report.
Back in my days at the bank, if someone had no credit other than an owner financed piece of property that they had paid for then the loan officer would sometimes accept a letter along with documentation (promissory note and payment history) in lieu of the credit report.
Sad to say, but no credit history on your credit report is just as bad as a poor credit history these days.

Mike in Ohio · #4 01/04/08, 01:10 PM

Just because you are paying to a financial institution, it does not mean it is being reported to the credit services. Farm Credit Services only started reporting payments this past year.

Mike

brownegg · #5 01/04/08, 02:59 PM

Quote:

Originally Posted by coalroadcabin

The only info on your credit report is the info provided by your creditors. So I would think it unlikely that your owner financed loan would show up on a credit report.
Back in my days at the bank, if someone had no credit other than an owner financed peice of property that they had paid for then the loan officer would sometimes accept a letter along with documentation (promissory note and payment history) in lieu of the credit report.
Sad to say, but no credit history on your credit report is just as bad as a poor credit history these days.

Very true, and also very sad. Some of the most wealthy people, or just comfortable wealthy people that save the money first before they buy anything, don't use a credit card, own their homes and their cars, and everything else they have (toys etc...), are looked at as a credit risk.....Must be America....figures,doesn't it.

paulaswolfpack · #6 01/04/08, 03:21 PM

I pay to the owner and have a contract in which they did not fullfill like we were to have a well put in but they did not do it, They give us water from a well just next door to us. But not having any money I can not get legal help I live off of $643.00 and $335.00 of that pays for the property and $125.00 homeowners insurance the rest is bills so no extra money to fight for the well,Paula

seedspreader · #7 01/04/08, 03:24 PM

The owner that you are purchasing from CAN report to the credit bureaus.

paulaswolfpack · #8 01/04/08, 03:26 PM

I have never missed a payment, I even rounded it up from $334.89 to $335.00 I make copies of each check I do know that the .11 will amount to something in the 15 year contract,Paula

smalltime · #9 01/04/08, 03:40 PM

This wont add to your credit score but pay everything with a check and keep copies of the canceled checks... you can use these when purchasing things that require real credit like a house or property to show a history, pay all of you utilities on time (phone/elect. etc..) If your looking to bump your credit score up a good way is to get some secure credit cards (the ones backed by cash in your acct.) and use them then pay em off on time... for example.. get one with say a $500 limit and use it strictly for groceries, don't spend more than you usually would and right it down in your withdrawal book right away then pay the CC bill as soon as it comes... get ya another one and use it strictly for feed and supplies etc..etc.. if you can do this your score will go thru the roof, It's really not difficult to do as long as your organized and disciplined... the hardest part for me was giving up the convenience of cash..It's funny how hard I worked to leave as little of a paper trail as I possibly could all this time and now I have to work twice as hard to establish one...go figure lol

smalltime