Question
How can I get good payments from a landcontract to reflect on credit?
Me and my wife have made mistakes in our past. We have been trying to keep our noses clean in the past 3-4 years. We are about to buy a house on landcontract..We would like to know what we can do to report good payment on this house. We hope doing this will make mortgaging the house on the 5 year balloon easyer. Can anyone help me understand what we can do ?
1 month ago - 2 answers
Best Answer
Chosen by Asker
The owner who is financing this for you needs to be reporting it to the credit bureaus. If he doesn't have a subsription to them, nothing will get reported and you won't get any benefit from it.
1 month ago
Asker's Rating: 
Other Answers
Such information will not appear in your credit file unless the holder of the land contract reports same to each of the major credit bureaus. Not everyone is 'welcome' to make such reports, which is why one rarely sees information of this nature in a credit file. Generally, the bureaus are only interested in information from major corporations, such as lenders, credit card issuers and similar. Your best bet is to obtain a couple of low limit credit cards and to use them regularly, insuring that all payments are made as agreed. You need to use and handle credit from firms which DO report to the bureaus.
by acermill- 1 month ago