I bought $25,000 worth of property, seller financed. How can I get this to show up on my credit report?

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!Kellee

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I bought $25,000 worth of real estate, seller financed. How can I get this to show up on my credit report? I have a friendly relationship with the seller, and could probably convince them to fill out some paperwork, if that's all that's needed. Is this possible? I have no credit history, and would love to have this show up on my record, to help me establish myself.I can't get a loan for $25,000 because, I have no credit history. I'm actually hoping to build a credit history, so that I can refinance in a year or two. So, that doesn't really help, but thanks for your efforts.
 
You can use your bank to get the loan for the full amount of the purchase. Pay off the seller of the land. Then all you have to do is pay off the bank in payments. This will show up on your report.
 
No because its actually gonna cost the seller to do it (if its even possible) unless they have an account to do so.
 
take out a personal loan from a bank to pay back the seller. The personal loan will appear on your report. It will not appear as a mortgage but on a blank report (as you claim to have) it'll help to start establishing credit.You may even be able to use the property as collateral on the bank loan.
 
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It is possible to have this loan show up on your credit report but since the lender is not a member of the credit bureau, the loan won't be updated.Check here for how to get the loan included: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre21.shtm Scroll down to "Adding Accounts to Your File". There might be a fee.Unless you have been paying on this loan for a year, it might not be worth the effort to report the loan. At least 12 months of on time payment history is what you want to show.
 
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