Reply
Frequent Contributor
Posts: 327
Registered: ‎04-08-2013
0

Consumer finance loans on CR

Below is what Myfico is saying that has lowered my score. These accounts are close and over 7 years old and all are paid as agreed. Should I get these deleted? I will affect my length of history deleting as well??

You have a consumer finance account on your credit report.

Number of consumer finance accounts on your credit report
5 accounts
Only 12% of FICO High Achievers have a consumer finance account.
Consumer finance companies typically grant loans to people with poor credit histories. Their customers often cannot get loans from traditional lending companies such as banks or credit unions. These are often high-interest loans because the consumer finance company is assuming more risk by lending to people with less than perfect credit.

The fact that you have a consumer finance company loan on your credit report means that you represent a higher risk to lenders than someone with no consumer finance loans. Even if this consumer finance account is closed, it will still lower your FICO score. However, its impact on your score will lessen as time passes.
Established Contributor
Posts: 662
Registered: ‎02-20-2013
0

Re: Consumer finance loans on CR

wrong forum


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Moderator
Posts: 27,123
Registered: ‎09-13-2012
0

Re: Consumer finance loans on CR

[ Edited ]
Try posting in General CR topics. You'll get more responses.

Edit: or understanding cr score
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Consumer finance loans on CR

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.