I have taxes due from 2012 that I’m about to pay off in full, am preparing to sell my car so I can buy something without a payment and I’m also about to be removed from my ex-husband’s mortgage. How long does it take for these changes to reflect on my credit report?
None of these accounts are delinquent (other than the taxes I suppose, but I have been on a payment plan so I’m not sure that is considered late?), but I know they show as debt on my report.
I’m not exactly sure what you mean by some of them. Taxes due shouldn’t be on your credit report unless you’ve set up a credit account with them. As for selling your car, do you have a credit account set up with the a company you owe money to? Those two things, once paid off, will show as paid until they drop off, 7 years maybe? They’re not just going to fall off your report in a few weeks or months.
Being removed from your ex-husband’s mortgage, that one may disappear from your report the next time they send it to the agencies. Figure 2 months or so to be safe.
If you pull your credit reports and take a look at them, you’ll get a much better idea of how these things work and how old some of the stuff on them is.
I didn’t know that unpaid taxes didn’t reflect on my credit report, that’s good to know. I am on a payment plan with the IRS, is that what you mean by credit account?
My car is being financed, I make payments on time but that still shows as debt, right?
I did just pull my reports, and I see that the ex has a couple of late payments on both the mortgage and the a credit card that is in my name but that he’s paying off, nothing I can do about that now…
If you have a payment plan with the IRS that may or may not show up, I’m not sure. You said you pulled a report so you’ll have to take a look, if it does show up, after it’s paid it’ll take years to drop off, but if it’s in good standing the entire time, it shouldn’t really ding you.
Most likely, as long as the report to the agencies.
Well, you can try to get him to take your name off of his account and see what happens, I doubt my name my mortgage account shows up on my ex-wife’s credit report (it used to be a joint account). And I used to be a cardholder on some of her credit cards but I called them up and had myself removed from them and they came off my credit report.
Also, you can submit a letter to the agencies explaining the situations that will be given out with all hard pulls. You might look into that. Something that explains that (if this is the case, I don’t know if it is) if they look at the dates, the late payments happened after the divorce etc etc etc. OTOH, it might be worth paying the $100 to have an attorney write the letter, OTOH, if I was pulling your credit just to see if I could give you the money for a car and saw lawyer letter head and legalese, that might scare me off. It might be better to see a few late payments and a note saying they weren’t yours. OTOOH, it’s ALWAYS better to get it cleaned up and let them fall off your report. Takes time, but there’s no substitute for a clean credit report.
I used to be a finance manager in a car dealership and pulling and reading credit reports is something I did multiple times a day. The above suggestion of getting a letter written by a lawyer is misguided. A letter would never be seen by people pulling your report, nor would it carry any weight with anyone making a credit decision.
You can’t pay things off and have them taken off your report. It’s a credit history - meaning it will show your history of payments going back typically 7-10 years. Things show paid when they are paid off, but any history of late payments will remain until 7-10 years after the date of last activity on the account. The only things you can have removed are items that are not proven to be yours. You can dispute any item on your report with each agency and they have to verify the information. For example, if there is a collection account and they can’t prove it’s yours it has to be removed.
Under most circumstances a loan has to be refinanced in order to add or remove names from the account. This includes mortgages. I am not on the loan on our house, but when we got married, my husband had me added to the deed. In order for me to be added to the mortgage we would have to refinance.
Authorized users of credit cards can be added and deleted at will.
When I had a payment plan with the IRS it never showed on my credit report. If you have a lien or judgment against you however, that will show up and stay for a very long time.
Does your car not show on your report? Did you buy it from a Buy Here, Pay Here lot? Those places don’t usually report your good payment history, but might if there are lates or a default.
I didn’t mean delete them entirely, what I should have said is “how long after they are paid off/I am released from responsibility” does the credit report reflect that? When my ex takes me off the mortgage I know it will still show in my history, but how long before it no longer effects my ability to get credit? As in, how soon does my credit score reflect that it is no longer my debt, even though the payment history associated with it has an impact on my current score. I’m mangling this because I don’t know what I’m talking about 
From what I understand, there was paperwork that was supposed to be signed after the divorce (a quit claim?) that released me from responsibility for the mortgage and gave him the house. That paperwork didn’t get filed, so I am still currently liable for the payments. He’s telling me I need to sign that now so that he can refinance without me. Does that sound like BS?
The ex is on a payment plan with the cc company to pay off the balance that he agrees he’s responsible for, even though it’s my card with him as an authorized user. He’s not making current charges (nor is he paying it off as quickly as I’d like him to but… what can I do), but if I take him off the account I imagine his payment plan would be cancelled.
It does show. I bought it from a dealership and my loan is through a bank. I’ve never had a missed/late payment, I’m more concerned with the effect it’s having as far as my debt/income ratio. Plus I can’t afford the damn thing and the insurance I have to carry on it since it’s not paid off, but that’s a different worry
It turns out it’s a 100 word letter that you can add and only if a disputed entry wasn’t removed. I can’t say it would carry any weight, but it should certainly be seen. Maybe whatever computer program your dealership used didn’t pull it or no one had one, I don’t know that they’re all that common.
https://help.equifax.com/app/answers/detail/a_id/154/~/consumer-statements-on-credit-report
No, it’s not BS, when you sign the quitclaim, you are, basically, quitting your claim over the house*. You won’t be responsible for it anymore. It’s the only way he can get your name off of it. I was about to tell you that you need to get on him to file it, but I see that it’s you that’s holding it up. Get that signed so he can move forward with it.
*I have no idea if that’s what that word actually means, but it sounds nice, huh. But, yes, you need to sign that, so he can file it with the courts and re-fi the house without you on it. Then if he stops making payments on it (or makes late payments) it’s not your problem.
We signed the quit claim today, which I now understand only removes me from the deed, not the mortgage. He’s going to attempt to refi, but it’s going to take 5-6 months which holds me up on purchasing and possibly renting but he says he has a lawyer who will draft a “hold harmless” letter that leaves me legally in the clear as far as mortgage payments go. Is that what you meant?