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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Close it or Keep it--Walmart?


beamMEup wrote:

...My GEMB Walmart card did show up as a Consumer Finance Account on my mortgage pull (and my CCT).

beamMEup, how exactly does this show on your reports, that you can tell that it's being scored as a CFA? I have a CFA (a Wells Fargo Financial loan from back in the day), but nowhere on my full reports OR on my third-party monitoring services does it show as such. There have been many times that I reasoned something out from my negative comments on my reports, etc., and later found out that I reasoned wrong.

Does your Walmart card report as revolving? If so, it's not being scored as a CFA, period. This info is from Barry, the myFICO admin, who probably sleeps with the three scoring notebooks under his pillow. If they have coded it incorrectly, you need to get them to fix this.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Close it or Keep it--Walmart?


haulingthescoreup wrote:
beamMEup, how exactly does this show on your reports, that you can tell that it's being scored as a CFA? I have a CFA (a Wells Fargo Financial loan from back in the day), but nowhere on my full reports OR on my third-party monitoring services does it show as such. There have been many times that I reasoned something out from my negative comments on my reports, etc., and later found out that I reasoned wrong.

Does your Walmart card report as revolving? If so, it's not being scored as a CFA, period. This info is from Barry, the myFICO admin, who probably sleeps with the three scoring notebooks under his pillow. If they have coded it incorrectly, you need to get them to fix this.

It shows up on my inquiries.  I doubt that it's coded incorrectly as it's consistent within my reports and DH's, is in keeping with other mod's comments on coding, as well as other FICO experts.  I'd be more than glad to guinea pig up and get them to fix this (if indeed, it is broken).  What procedure do you recommend?  I'd be more than happy to report back. 

 

Also (however this is unrelated to the OP) I am curious about payday loans - are they listed as revolving?

 

I do think this forum is a good place to report what you're seeing on your reports - including consumer finance companies.  And BTW, no "reasoning" here - just the facts from my reports - although I do understand your point, and it should be well taken by us all.

 

Thanks Hauling.  Let me know what recommendations you have - and again I'd be glad to mug up some hot cocoa and spend some time on the phone to  guinea pig up.  :smileywink:

Just puttin' syrup on something, don't make it pancakes.
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Close it or Keep it--Walmart?

Your inquiries say that these accounts are CFA's? OK, now I'm really confused. I pulled up some of my old reports, both the full versions and third-party (myFICO, CreditSecure, etc.), and all mine show are the date and the lender.

Can you copy/ paste something? I think I must be looking at something completely different.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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okiesean
Posts: 64
Registered: ‎12-18-2009

Re: Close it or Keep it--Walmart?

I had a walmart card that I used for the discount on gas (when it didnt have ethanol in it) and my sister had one too. She never used hers and it closed in like 6 months of no use. GEMB told her to reapply so she disputed it on her credit reports and all 3 bureaus removed it. I dont know how much of a ding your are taking for having a new account and a low credit line but maybe if you dont use it you can close it and dispute it. I know there are pluses and minuses to disputing accurate accounts but she just disputed and it came off her reports. I guess GEMB didnt want to take the time to verify a closed account that had never been used. I dont know if this is a good option or a bad option for you or if it will even work for you but it might give you something to think about if you decide not to keep it. Again mine was only useful for the fuel discount. I learned to make my credit cards work for me so if they dont benefit me in some obvious way I dont keep them around.
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Close it or Keep it--Walmart?


haulingthescoreup wrote:
Your inquiries say that these accounts are CFA's? OK, now I'm really confused. I pulled up some of my old reports, both the full versions and third-party (myFICO, CreditSecure, etc.), and all mine show are the date and the lender.

Can you copy/ paste something? I think I must be looking at something completely different.

 

Maybe my post here will be helpful. http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=43075&query.id=21347....  I think it's post #30.  

Just puttin' syrup on something, don't make it pancakes.
Regular Contributor
mgs2010
Posts: 185
Registered: ‎07-26-2009

Re: Close it or Keep it--Walmart?

I did try disputing an old walmart card I had back in 2005 and GEMB wont remove it, it has no lates etc...its in good standing I just wanted it deleted...I've disputed it about 20 times and it still stands.
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Close it or Keep it--Walmart?


mgs2010 wrote:
I did try disputing an old walmart card I had back in 2005 and GEMB wont remove it, it has no lates etc...its in good standing I just wanted it deleted...I've disputed it about 20 times and it still stands.

What are you disputing about the card? Sounds like you did actually have it; it's in good standing so it doesn't sound like there are any inaccuracies that need fixing.

It's against the Credit Repair Discussion Guidelines, Terms of Service, and User Guidelines to discuss disputing valid tradelines. Disputing is the means by which consumers (attempt to) remove inaccuracies from our reports.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
mgs2010
Posts: 185
Registered: ‎07-26-2009

Re: Close it or Keep it--Walmart?

Before finding the fico forums I thought I would be doing myself a favor by "cleaning up" my credit report of accounts I only had for a short period of time. I used to have app sprees all the time and ended up with over 26 cards at one point. I closed about half of them within 1 month and disputed many of them because they were killing my average age of accounts. Many of them were deleted, but GEMB did not delete. I was just recently informed that even if the card is closed it still factors into your aaoa...had I known that I probably wouldn't have disputed all those accounts...
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: Close it or Keep it--Walmart?


mgs2010 wrote:
Before finding the fico forums I thought I would be doing myself a favor by "cleaning up" my credit report of accounts I only had for a short period of time. I used to have app sprees all the time and ended up with over 26 cards at one point. I closed about half of them within 1 month and disputed many of them because they were killing my average age of accounts. Many of them were deleted, but GEMB did not delete. I was just recently informed that even if the card is closed it still factors into your aaoa...had I known that I probably wouldn't have disputed all those accounts...

If the accounts have been deleted from the reports they don't factor in anymore because they never existed unless someone pulls a full factual.


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