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New Member
Daddywags
Posts: 4
Registered: ‎09-16-2010
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Baffled by a "Lack of recent bank revolving information"

Hello,

 

During the course of home shopping, Wells Fargo Pulled my three credit scores for a pre-approval. They were not as high as I prefer, but I understand why they weren't...with one exception.

 

I have three credit cards (opened within the last 2 years) which I lightly use every month, and pay in full. Both Transunion and Experian cite a "Lack of recent bank revolving information" (Error Code 15) as one of the reasons those two scores weren't higher.

 

Does anyone have any thoughts? Two of the cards are with credit unions, and one of them is with Chase Bank.

 

Thanks!

 

Daddywags

 

Moderator
MarineVietVet
Posts: 14,914
Registered: ‎07-14-2009
0

Re: Baffled by a "Lack of recent bank revolving information"

 


Daddywags wrote:

Hello,

 

During the course of home shopping, Wells Fargo Pulled my three credit scores for a pre-approval. They were not as high as I prefer, but I understand why they weren't...with one exception.

 

I have three credit cards (opened within the last 2 years) which I lightly use every month, and pay in full. Both Transunion and Experian cite a "Lack of recent bank revolving information" (Error Code 15) as one of the reasons those two scores weren't higher.

 

Does anyone have any thoughts? Two of the cards are with credit unions, and one of them is with Chase Bank.

 

Thanks!

 

Daddywags

 


Hi and welcome to the forums.

 

Do you pay all your balances in full before each monthly statement posts? The scoring system likes to see activity and lots of folks seem to get penalized for always having zero balances on revolving accounts.

 

It's just one thought.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


New Member
Daddywags
Posts: 4
Registered: ‎09-16-2010
0

Re: Baffled by a "Lack of recent bank revolving information"

 

 


Hi and welcome to the forums.

 

Do you pay all your balances in full before each monthly statement posts? The scoring system likes to see activity and lots of folks seem to get penalized for always having zero balances on revolving accounts.

 

It's just one thought.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work



 

Hello, and thanks for the response!

 

No, I try to achieve a low, but regular statement balance each month.  Actually, one of the other dings I recieved from all three bureaus was "Too Many Accounts with Balances." This is due, I believe, to me having a low statement balance on each of my credit card accounts, when I really should have had a balance on only one of them to maximize my score. (Please correct me if I have this wrong.)

 

Thanks for the thought, though!

 

-Daddywags

Moderator
MarineVietVet
Posts: 14,914
Registered: ‎07-14-2009
0

Re: Baffled by a "Lack of recent bank revolving information"

 


Daddywags wrote:

 

 





 

Hello, and thanks for the response!

 

No, I try to achieve a low, but regular statement balance each month.  Actually, one of the other dings I recieved from all three bureaus was "Too Many Accounts with Balances." This is due, I believe, to me having a low statement balance on each of my credit card accounts, when I really should have had a balance on only one of them to maximize my score. (Please correct me if I have this wrong.)

 

Thanks for the thought, though!

 

-Daddywags


It's true that too many accounts with balances can affect scoring.

 

And having only one of your cards report a small (<9% of credit limit) balance each month while any other cards report a zero balance seems to help many people. So you are correct about that. 

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Mega Contributor
RobertEG
Posts: 18,465
Registered: ‎03-19-2007
0

Re: Baffled by a "Lack of recent bank revolving information"

Maybe they are referring to a lack of a major bank credit card.  Are all your cards store cards?

New Member
Daddywags
Posts: 4
Registered: ‎09-16-2010
0

Re: Baffled by a "Lack of recent bank revolving information"

 


RobertEG wrote:

Maybe they are referring to a lack of a major bank credit card.  Are all your cards store cards?


Nope. Actually, none of them are store cards. Two of them are from local credit unions, and one is from Chase Bank (a large enough bank, I should think.)

 

 

This is driving me nuts. If I were to call Transunion and Equifax, and ask them about it, how likely do you think they are to give me a straight answer?

 

-Daddywags

New Member
Daddywags
Posts: 4
Registered: ‎09-16-2010
0

Re: Baffled by a "Lack of recent bank revolving information"

Bump! Anyone else have an idea about this? I can't be the only one who's been curious about this reason code!

 

Thanks!

 

Valued Contributor
my-own-fico
Posts: 1,303
Registered: ‎01-05-2010
0

Re: Baffled by a "Lack of recent bank revolving information"

 


Daddywags wrote:

Bump! Anyone else have an idea about this? I can't be the only one who's been curious about this reason code!

 

Thanks!


 

Oh yes, I used to have that code all over the place.

 

Pull up a current TU score report from myFICO and look for the following:

 

1) Hurting Your Score. Does it say "There is no recent activity on your credit cards"?

 

2) Helping Your Score. Does it say "You've limited the use of your available credit"? If so, what's the listed "Ratio of your revolving balances to your credit limits"?

 

3) Revolving Accounts. For each of the cards, what are the Type of Account and Type of Loan? Is the value of the Credit Limit listed as blank or $0?

 

Are you living within your means?
Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Baffled by a "Lack of recent bank revolving information"

Hi daddywags,

 

I read your post earlier.  Then when I was checking reported balances on our accounts, I found that DH's BofA had never reported a balance for us.  It's 14 months old.  I was surprised as we kind of rotate balances among cards -usually letting one report.  Somehow we've never bothered to let BofA report.

 

It's a long shot - but have you pulled out your statements and checked how the balances have actually reported on that Chase card?

 

And you're right, FICO Code #15 means you're not reporting a balance on a Bank OR National CC recently.  (FICO Code #3 pops up when you don't have one of these accounts open, FICO Code #15 pops up when it's not reporting a balance recently). 

Just puttin' syrup on something, don't make it pancakes.

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