Rebuilding Your Credit

[tblank65]

after looking at my CR report here on my fico at least a million times i glanced at the scale and noticed a consumer loan hurts your score?...mine was in 2003 for furniture loan. the finance co was next to the furniture store and was running a good deal on the financing...never missed a payment infact paid off in half the time....so with Murdoch finance still being on my CR...am i actually taking a points hit?,,,,it is not my oldest TL should i have it removed?

[203bravo]

Interesting -- exactly how are you calculating this as "hurting" your score?  If it was paid on time and as agreed, then there should be no way that it could be a negative.  Just curious.

[tblank65]

yes it is interesting...but on the myFico list of things hurting your score is a caption that says at 1 time you have had a cunsumer loan....only 7 percent of people with high fico scores have had a consumer loan

[203bravo]

UH... well that's a 1st for me.  It's been awhile since I've had such a type of loan -- when I took advantage of the 0% interest offered by the finance company next door -- but I remember it reporting as an installment loan.

I look forward to seeing the posts by others that may be more up to date.

And correct me if I'm wrong -- but aren't all loans "consumer" loans?

Message Edited by 203bravo on 08-10-2009 11:16 AM