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Isaiah2990
Posts: 86
Registered: ‎04-28-2012
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Collection account is considered open / revolving on CR ?

I noticed here on myfico a CO account from Midland is showing up under open / revolving..On my EQ CR it just says open and I have no revolving credit, but on myfico I guess they put open and revolving accounts together..is this common ?


Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
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llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Collection account is considered open / revolving on CR ?

Sometimes MCM shows up on the accounts page, but is often scored as a CA. Within your pos/neg reasons within your FICO report, is utilization listed? If so, I'd try to recreate that util%. If the math doesn't jive, then include MCM to see if there's a possibility of inclusion. I have confirmed a couple of posts where it was included and viewed as an OC, and factored into util too.

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Isaiah2990
Posts: 86
Registered: ‎04-28-2012
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Re: Collection account is considered open / revolving on CR ?


llecs wrote:

Sometimes MCM shows up on the accounts page, but is often scored as a CA. Within your pos/neg reasons within your FICO report, is utilization listed? If so, I'd try to recreate that util%. If the math doesn't jive, then include MCM to see if there's a possibility of inclusion. I have confirmed a couple of posts where it was included and viewed as an OC, and factored into util too.


I only have SW..I'm not really up to speed doing that, I did notice that both of my charged off CC's show up as a balance when I was look at my accounts through SW though.


Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Collection account is considered open / revolving on CR ?


Isaiah2990 wrote:

I only have SW..I'm not really up to speed doing that, I did notice that both of my charged off CC's show up as a balance when I was look at my accounts through SW though.


If you have SW from myFICO, then that might work. Pull any past report within your history of report pulls and see if util is showing. Reverse-engineer to see if the balances on that report for your CCs in relation to the reported CLs, matches the utilization showing on that report (assuming it shows in the pos/neg reasons). BTW, CO'd CCs do factor into CC util up to the point they are paid or sold. Usually it is based off the reported CL, but sometimes high balance is included. Back on point...if your util matches up to the util you calculate for your CC accounts (and LOCs and HELOCs if any), then you can concretely narrow out this CA as being factored in as an OC account (in the eyes of FICO). Personally, that revolving comment would give me pause.

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RobertEG
Posts: 17,510
Registered: ‎03-19-2007
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Re: Collection account is considered open / revolving on CR ?

A collection is a reporting account between the debt collector and the CRA, reporting the fact of collection activity (assigned or owned).

Collections are never "revolving."  Inclusion of such a statement in your CR is merely a statement of the type of original debt, not of type of debt with the debt collector.

 

All collections are either "open" or "closed."

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Isaiah2990
Posts: 86
Registered: ‎04-28-2012
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Re: Collection account is considered open / revolving on CR ?

[ Edited ]

RobertEG wrote:

A collection is a reporting account between the debt collector and the CRA, reporting the fact of collection activity (assigned or owned).

Collections are never "revolving."  Inclusion of such a statement in your CR is merely a statement of the type of original debt, not of type of debt with the debt collector.

 

All collections are either "open" or "closed."


oo ok because I was on score simulator and this is how it looked..

 


Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!
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RobertEG
Posts: 17,510
Registered: ‎03-19-2007
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Re: Collection account is considered open / revolving on CR ?

For %util, the simulator will look at  the reported CL and balance on the OC account.

You dont have a CL or revolving % util on a collection.

 

FICO scores your credit file, not an incomplete summary provided in a commercial CR.  It knows that collections arent part of revovling credit.

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Isaiah2990
Posts: 86
Registered: ‎04-28-2012
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Re: Collection account is considered open / revolving on CR ?


RobertEG wrote:

For %util, the simulator will look at  the reported CL and balance on the OC account.

You dont have a CL or revolving % util on a collection.

 

FICO scores your credit file, not an incomplete summary provided in a commercial CR.  It knows that collections arent part of revovling credit.


I was somewhat under the impression if I PIF that collection my score would bump up without having to do a pfd or gw...I guess not lol


Starting Score: FAKO EQ 497 EX 516 TU 517 (4.28.12)
Current Score: FICO EQ 587 (9.29.13) TU (GECRB) 596 (2.19.13) EX (USAA) 482 (3.12.13)
Goal Score: 700 all across the board!

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