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Moderator Emeritus
Posts: 4,469
Registered: ‎12-31-2008
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Re: CareCredit CLI

txjohn wrote: Also, it is possible that somehow an account has been coded incorrectly, thus providing a "false positive" for the code: "consumer finance."


Actually, its consistently being coded as Consumer Finance.  Which is not surprising because GEMB defines itself as a consumer finance company.  My GEMB Dillards, by the way, is not coded as Consumer Finance, which is consistent with moderator Tuscany's earlier post.


This forum is a great place to share information, including information on impact of inquiries, number of and type of accounts, and other ways to manage FICO scores.  I do care about the impact of inquiries, types of accounts, utiization, and other items on my FICO.  That's why I'm here!  And I'm so thankful for the helpful posts I find here.  They impact my choices - I' post and read info  in hopes of knowing more about what FICO is looking for. 


Moderator Tuscany offers a helpful and significant piece of info on coding (KOB) - I'm thankful for the info and thankful to know and better understand what my accounts are coded as.  Info is good!  When I send my kids to these forums, I hope they find accurate information that will help them build long term FICO health rather than make decisions they may regret later.  I've made decisions to open accounts that I would not have opened had I known what they really were. 


And I still believe an 800 score is better than a 760, and a 760 is better than a 720.  With my EQ at a 717 and TU at 741 (exceptional less than a year after CH 13 discharge), "Consumer Finance Companies" came in second only to my BK as far as my negative comments - even coming in ahead of my five VERY recent inquiries and five VERY new accounts at the time.  I don't play favorites - I pay attention to all the FICO reason codes - especially when they're important enough to FICO to come in second only to a BK. 


That doesn't mean, for example, that I refuse to open a new account because I don't want a new inquiry or new account hit - it just means that I keep those things in mind when I make the decision - informed decisions are pretty darn empowering! 


I also have to note that this particular "Consumer Finance Company" code never shows up on my reports - only on the real pull from my mortgage (and on; so the discussions on these boards tend to overlook it - people just don't know this is hitting their reports because it's not showing up on the myfico reports.


Thanks again to all the posters who help us understand FICOland better.  And I'm glad we all get to decide how we let information affect our decisions.  There's simply no need to dismiss info even if we choose to make different choices than others.

Just puttin' syrup on something, don't make it pancakes.
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0 Kudos

Re: CareCredit CLI

Beam - I agree with your post.  Information is power.  And choice is important.


Again, I hope you didn't feel that I was attacking your choice or opinions.  My only intent was to provide information for review, with some context in that information.  I tend to chime in with an eye to other readers, newbies and those who may not have your level of experience, or may not have a balanced understanding of all the considerations.  It is not a direct address to the post or information itself. Actually it is meant to add to the information as a knowledge base.


I agree 800 is better than anything less...sort of.  For example, it is possible to have a thin file 780, which technically is not better than a strong and healthy credit portfolio at 740. 


I have seen declines, and experienced them, when those with lower scores were accepted.  The reasons are often due to length of history, CL's not high enough, not enough credit experience, etc.


I also only wanted to address those individuals who may become preoccupied strictly with FICO, as though FICO were the end game, rather than FICO and credit being a tool and means to an end...not the end itself.


But I definitely do not dismiss your posts, your opinions, your choices.  Individual choice and comfort and preference is what makes free markets and freedom so wonderful.  I would hate for everything and everyone to be the same, get the same and only be able to hope for the same.


Thanks for all your info! 


Smiley Wink



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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

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