How to report installment payments to the credit bureaus?

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Bksuper
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How to report installment payments to the credit bureaus?

Postby Bksuper » Wed Oct 17, 2012 9:11 pm

I'm paying for an $825 chiropractic care plan in 6 monthly installments of $137.50, but am receiving care at decreasing frequency (3x/week, 2x week, 1x week), so essentially financing the earlier visits since I pay the same each month.

If they were willing to report the payments to the credit bureaus to help out my just starting out credit, how would they go about doing this and how long would it take them?

Thanks in advance for the help.
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DoingHomework
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Postby DoingHomework » Fri Oct 19, 2012 2:32 pm

The chiropractor's office would need to create accounts with the credit agencies. They could then report you periodically through the credit agencies. The chiropractor will have to pay fees for the account so I would think they'd want you to pay extra to cover those fees so it may not be worth it.

Bksuper
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Postby Bksuper » Fri Oct 19, 2012 9:08 pm

How much are the fees? I might be willing to pay them, if they were cheaper than the interest on a secured personal loan of that amount, which the consultant I spoke to said I needed on my report, as wo./ having an auto loan or student loans CCs are not enough to be eligible for a mortgage right after college even with 20% down, decent income, and an excellent score.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
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Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

Money card
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Postby Money card » Fri Oct 19, 2012 9:19 pm

that's something you would have to ask them because everyplace has different fees.

DoingHomework
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Postby DoingHomework » Sat Oct 20, 2012 9:28 am

You are only talking about $825. A secured personal loan even at a high rate of 12% would cost you about $100 in interest. A merchant account with a credit bureau probably costs about the same or more.

I'm also concerned that the "consultant" you talked to was trying to sell you a loan or something else. Your best bet is probably to focus on getting a steady job with reliable income rather than trying to build credit by taking out loans you don't need.

Bksuper
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Postby Bksuper » Sun Oct 28, 2012 7:27 pm

Update: The chiropractor is willing to consider getting the account and paying the fees at no cost to me so that they have recourse against patients that stiff them, but I'm not holding my breath. If they did get the account, they'd report the installments. If someone could point me to a link as to where to apply for accounts with the 3 bureaus I'd appreciate it, so I could forward the info to them.

@DoingHomework: I don't think my consultant, provided by the University, was trying to scam me into a loan, I've read about the benefits of a diversified lending history on these forums and elsewhere as well. Still, I probably won't be taking out any unnecessary loans that charge interest. That said, I'm focusing on both. As I'm a full time student and only a Freshman, I have a ways to go towards getting that steady job, but I'm trying very hard to get internships and summer jobs (unfortunately most internships won't hire underclassmen). I feel confident I will have the 20% downpayment by then, I've already got a substantial chunk of it invested in stock, but won't I need credit history as well as income to get a mortgage as soon as I get my MBA and first real job?
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

Vermonster
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Postby Vermonster » Sun Oct 28, 2012 8:37 pm

I wouldn't wait until you need a mortgage to start worrying about credit, mostly because it will be to late to establish a history by then. Also I would not suggest expecting any financial aid for your MBA, so unless you have a lot in your savings you will want a good credit score to get some nice interest rates.
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Bksuper
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Postby Bksuper » Sun Oct 28, 2012 10:06 pm

I don't need to worry about getting either financial aid or loans for the MBA, I've got very generous parents willing and able to give me a "blank check" for school and living expenses through grad school. But yes, getting the mortgage is why I'm starting to worry about both building credit and work history.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012



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