Go Away 30-day….No! Stay!!!

Hello Paul,

I am beginning the process of obtaining a mortgage and pulled my credit reports only to find a car loan on them that I didn’t recognize.  The loan was listed as a joint account with my dad.  I spoke with my father who said that he had opened the account up when I turned 18 to help me build credit.  While I appreciate his thought process I am a bit disturbed about him doing it without my knowing. 

The 36 month loan was paid on time every month except one where it was paid within 30 days.  I’m wondering if having the loan on my report despite the late payment is better than not having a loan on it at all?  Can you please help me figure out if I should leave it on or dispute to have it removed.  Currently my score is 645 but should go up some as I have found a couple of errors.  I have 1 credit card that has been paid on time every month for 8 years and the rest of the information on my report relates to utilities so I don’t have alot of credit built yet.

Thanks in advance.
Lisa

————-

Hi Lisa,

Read: Credit Report Late Payments….Correct?

I’d say the 30-day late is not causing as much harm as the history is helping.  The tradeline is likely helping your score overall.

Thanks for the questions and hope this helps.

Paul