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consumer finance company accounts

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Anonymous
Not applicable

consumer finance company accounts

# 6   explanation  = too many finance company accounts
what does it mean?
 
what exactly is a consumer finance company, ie....
 
2 car payments
2 student loans
 
thats's it !
 
how many is too many?
Message 1 of 3
2 REPLIES 2
Tuscani
Moderator Emeritus

Re: consumer finance company accounts

Do you have any furniture or appliance store credit?
 
FICO doesn't like to see finance company loans because these kinds of loans typically are of lower quality than bank loans. To me, a rather stupid reason as you're being penalized for the type of loan rather than having your repayment history of that as the only factor. I believe the area this falls under is mix of credit which is a small amount of your score any way.
Message 2 of 3
Anonymous
Not applicable

Re: consumer finance company accounts

Check your TransUnion credit report. You might have to view it directly from TU. They give a name for each type of loan under type located at the lower left side of each account. Chances are you will find out which one is called consumer finance. Maybe you can contact that lender and ask to change it. Learned this from the big chief!
Message 3 of 3
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