Credit Card Center Advertiser Disclosure†
12-27-2009 05:53 AM
...My GEMB Walmart card did show up as a Consumer Finance Account on my mortgage pull (and my CCT).
12-28-2009 01:22 PM
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.
12-28-2009 03:46 PM
12-28-2009 10:04 PM
12-30-2009 12:06 PM
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.
12-30-2009 06:49 PM
12-31-2009 03:22 AM
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.
12-31-2009 04:50 AM
01-02-2010 08:19 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.