I would tell you but I'd have to kill you. Sorry.
fused111 wrote:Very interesting, how did you find this out? Personally, do you think it would be fair for consumers if FICO had the capability to distinguish btw prime and subprime for loans and cc's and changed their scoring models accordingly? For example, reward those who have more prime TL's than those who do not.
Tuscani wrote:The FICO formula does not distinguish between prime/subprime per se. The way it identifies a 'consumer finance' account is through the bureau subscription code -- the lender's ID# at the bureau -- that, among other things, indicates what kind of business it is. (This is also how mortgage and auto inquiries are distinguished from other inquiry types.) I believe the reason why the suggestion above won't work is because the portion of these codes that provide this identification are industrywide and not unique to a particular lender, although a lender typically has multiple subscriber codes for different parts of the business. So, for example, while the score can tell if the lender is considered a consumer finance company, it can't identify a particular product of that lender's as prime/subprime.
You need to make decisions that improves your quality of life and situation. I could care less about the type of account or affects on my score if I am saving money and less stressed.
After learning this very insightful information, would it be safe to say, if someone is having debt trouble and needs to consolidate, they are better off choosing another titled loan (if they have that option)?
Citi Financial also other titled installments:
..Besides => "Bill Consolidation" = (negative)
What about these titles below.
I admit, I take out these loans some times for quick easy cash. Is this bad? Thank you in advance for your answers and opinions. :-)
Tuscani wrote:You need to make decisions that improves your quality of life and situation. I could care less about the type of account or affects on my score if I am saving money and less stressed.
MidnightVoice wrote:does more for the score than all the fiddling around in the world