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These all fall under installment. The effect depends on your overall credit picture.
ilovepizza wrote:
ilovepizza wrote:
Does anyone know how these installment titles from Citi Financial "effect" your score?
...."Extra Cash"
...."Re-Finance loans"
...."Unexpected Expenses"
Thank you in advance for your answers and opinions. :-)
Message Edited by ilovepizza on 05-25-2007 08:44 PM
@Tuscani wrote:
These all fall under installment. The effect depends on your overall credit picture.
@fused111 wrote:Why should FICO punish some who have subprime installments, and not punish some who possess subprime cc's.
Your situation is a similar one to mine. My FICO score is lowered because of a listing of one Consumer Finance co, but I don't know which one they're talking about, which means I don't know how to rectify/improve the situation without knowing which item to address. Any thoughts out there? I need some help on this. Up until now, I didn't even know that there was a distinction between how these listings can effect (poorly, it seems) on my credit score.
The other matter I need help with is an item listed under "Collection" from a public utility company from 4 yrs ago. I'm assuming it relates to a rental property that I sold 5 months prior to the collection notice. The collection is for 34.00 and it's for one month. Since I was not the owner at the time, I'm guessing that the condo might have sat vacant for that one month. Since it was basically unlisted for that one month, the utility co. decided to go after me. I was unaware of this notice until I checked my reports. What's the best way for me to resolve this issue without it blowing up my credit score or worsening my score or reports. As I've been reading these personal experiences, sometimes it's riskier to correct than to let things float by. Please advise. It would be greatly appreciated!
@Anonymous wrote:Your situation is a similar one to mine. My FICO score is lowered because of a listing of one Consumer Finance co, but I don't know which one they're talking about, which means I don't know how to rectify/improve the situation without knowing which item to address. Any thoughts out there? I need some help on this. Up until now, I didn't even know that there was a distinction between how these listings can effect (poorly, it seems) on my credit score.
The other matter I need help with is an item listed under "Collection" from a public utility company from 4 yrs ago. I'm assuming it relates to a rental property that I sold 5 months prior to the collection notice. The collection is for 34.00 and it's for one month. Since I was not the owner at the time, I'm guessing that the condo might have sat vacant for that one month. Since it was basically unlisted for that one month, the utility co. decided to go after me. I was unaware of this notice until I checked my reports. What's the best way for me to resolve this issue without it blowing up my credit score or worsening my score or reports. As I've been reading these personal experiences, sometimes it's riskier to correct than to let things float by. Please advise. It would be greatly appreciated!
Hi Surf....you responded on a thread that is a couple of years old, but it still contains good information. If you want to list which accounts are on your reports, someone can likely come along and pick out the account that is the "consumer finance" culprit. Then you can get some advice on whether there is anything to do about it.
As to your collection account. I would list the details of that account....exactly how it shows on your reports...on the Rebuilding Your Credit forum. Those folks are experts on collection accounts and on what to do...or not do...on them.
@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.)
This fits in with what we've seen on DH & my reports.
GEMB Care Credit is listed as Consumer Financing for DH.
GEMB Walmart and GEMB JCPenney is listed as Consumer Financing for me.
When I opened my GEMB accounts, "Too Many Consumer Finance Accounts" jumped up to become my #2 baddie.
@LynetteM wrote:
Hi Surf....you responded on a thread that is a couple of years old, but it still contains good information. If you want to list which accounts are on your reports, someone can likely come along and pick out the account that is the "consumer finance" culprit. Then you can get some advice on whether there is anything to do about it.
+1.
I wish they (Consumer Finance Company Accounts) were listed on our FICO reports so they were easier to find, but they’re not (or at least I can’t find them there). The good news is that there’s a couple of ways to find out which accounts they are. @on this thread, Moderator Tuscani wrote:
“The way it [the FICO formula] 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.)The codes that Tuscani’s talking about are also called KOB (Kind of Business) Codes. You can google them – one place google will send you to is TU’s pamphlet “TransUnion Credit Report Guide” (Experian publishes a list also – it seems identical), which lists them and shows you where to find them on your report.
I can find the KOB on my mortgage pull, which came from CBCInnovis, and on my CCT inquiry page – which matches the CBCInnovis data, so it seems pretty accurate. Hope that helps anyone who’s trying to find the mysterious Consumer Finance Companies.
I have to note, too, that my mortgage pull brought “Consumer Finance Companies” in as my #2 EQ ouch. Myfico EQ report pulled the same day did not include it in my list of three negative factors – so there’s a little discrepancy in that aspect of the reports ;(.