How do I delete subprime FC

[Anonymous]

Who created this Fico scoring system and who are they to demean people who have lower scores and end up in the subprime category?  If you cannot get credit through traditional methods and your only option to building any type of credit history is through consumer loans, why should you get dinged it you are paying the bill each month on time?  Why should you get categorized?  This whole fico thing is really pissing me off.  They have way to much control over determining factors as far as worthiness and credit determinants as a whole ....  Just my opinion. 

[Anonymous]

I would have to agree myhearts since a paid off loan is a paid off loan and the average consumer has no idea that these types of loans will actually hurt.  MY EQ score which should be my highest is actually my lowest because this is the only bureau the CF loans report to.  No lates no derogs but do have a collection and late studet loans reporting on the other two. Funny, I thought I was doing a good thing for my credit when I got the loans and diligently paying on time.  If my highest right now at 704 with a coupld of dings and EQ is my lowest around 680 with no dings.. Cant imagine the damage those loans actually do.  Especially since Equifax is the bureau with the longest history.  Think abut it,more damage than collections or lates and it doesnt seem the effect diminishes. Since the dings on the report are newer than the CF loans.

Not sure why they hurt is they are paid as agreed just like any other loan.  Seems to me that FICO wouldnt consider that.

Message Edited by Brammy on 09-03-2007 09:49 AM

Message Edited by Brammy on 09-03-2007 09:52 AM

[Anonymous]

fused111 wrote:

With FICO scoring you are not penalized for having sub-prime CC TLs but when it comes to installment TLs, FICO does penalize you for having sub-prime (consumer fiance loans) TLs. This makes no sense since CC util and debt carries considerably more weight than installment util and debt. This is one aspect of FICO scoring that I find very irking.

It really troubles me too.   I got new furniture the first of this year and had no idea that it was a finance company loan.  They promised to report to all 3 CRA's but didn't.  I bugged the heck out of them until they did so I could get credit for making timely payment.  They finally reported but only to EQ (of course - the very one I can't keep afloat to save my life regardless of the fact that everything else is the same as the other CRA's). 

I never got anything from SW indicating that I had a FC acct on my report until a month or two ago, after it was paid and closed.  Had I known then what I know now, I would have NEVER insisted that they report this TL.  It's a crying shame that a loan can't just be considered a loan and timely payments count for something - why penalize us for doing what we're supposed to be doing regardless of where the loan originated?

[Anonymous]

IMHO I think people shoud get EXTRA points for FC loans.  If the criteria for dinging them is that the loans are made at a higher rate and given mostly to peple who are considered credit risks, why not given double the points for that consumer proving them wrong when they PAA and pay the loan off.

Oh yeah like that's gonna happen!!