Do Credit union accounts lower my fico score?

[Anonymous]

My Equifax portal provides the good and bad of my credit profile.  One section states:

"Your number of open credit union accounts is: 8.0

Equifax 760+ Club 

About 82% of Equifax 760+ Club members have no credit union credit accounts (either open or closed)."

I use my credit union , because they are super easy to do business with, approve my car loan in 10 seconds of submission, and my mortgage closed in 12 days!  

I read this statement, as EFX  model must ding credit union clients.  Does this sound correct?  Is the EFX model telling me to close these accounts and use the wall street banks instread?

Thanks for any expierence the forum users might have!

[mitchblue]

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@Anonymous wrote:

My Equifax portal provides the good and bad of my credit profile.  One section states:

"Your number of open credit union accounts is: 8.0

Equifax 760+ Club 

About 82% of Equifax 760+ Club members have no credit union credit accounts (either open or closed)."

I use my credit union , because they are super easy to do business with, approve my car loan in 10 seconds of submission, and my mortgage closed in 12 days!  

I read this statement, as EFX  model must ding credit union clients.  Does this sound correct?  Is the EFX model telling me to close these accounts and use the wall street banks instread?

Thanks for any expierence the forum users might have!

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I never heard that. But I've also never seen someone with 8 CU. How many points by the way.

[Anonymous]

Equifax is just giving you comparative statistics. Some are useful and some aren't. Having accounts at credit unions does not hurt your FICO score. Credit union accounts are viewed the same as bank accounts.

[Anonymous]

Equifax provides a number of credit monitoring products.  Some of them are based on FICO scores.  Other Equifax products are not based on FICO scores, but instead on other proprietary scoring models made by Equifax. 

It sounds (very tentatively) like you may have a credit monitoring system that is not based on FICO scores, and that the proprietary model that Equifax is using does indeed have some kind of problem with credit union accounts.  It's not simply giving you information -- it's saying that people who have high scores tend NOT to have CU accounts.  It's implicitly advising you that if you want a better score, you should ditch some of those CU accounts.

As Afuche says, however, FICO has no problem whatsoever with CU accounts.  Furthermore, virtually no lender or CC issuer uses non-FICO scores.  If they do, it would be Vantage, and very few use Vantage either.

Can you tell us the exact name of the credit monitoring product you have from Equifax?  And perhaps provide a link to that product?

[UpperNwGuy]

Ahhh.... this gets back to a discussion we had a couple of months ago in which I suggested that a loan officer doing a manual review of two applicants with identical FICO scores might approve the one with a short list of cards from Chase, Citi, Amex, and B of A but disapprove the one with a long list of cards from Synchrony, Comenity, small credit unions, etc. -- based purely on subjective impressions of those financial institutions and the credit they issue.  Now it appears (tentatively) that Equifax might have written an objective model that assigns value to the institutions issuing a person's credit.

[SouthJamaica]

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@Anonymous wrote:

My Equifax portal provides the good and bad of my credit profile.  One section states:

"Your number of open credit union accounts is: 8.0

Equifax 760+ Club 

About 82% of Equifax 760+ Club members have no credit union credit accounts (either open or closed)."

I use my credit union , because they are super easy to do business with, approve my car loan in 10 seconds of submission, and my mortgage closed in 12 days!  

I read this statement, as EFX  model must ding credit union clients.  Does this sound correct?  Is the EFX model telling me to close these accounts and use the wall street banks instread?

Thanks for any expierence the forum users might have!

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No, credit union cards are just as good for scoring as bank cards.

[Glen_M]

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@Anonymous wrote:

My Equifax portal provides the good and bad of my credit profile.  One section states:

"Your number of open credit union accounts is: 8.0

...

About 82% of Equifax 760+ Club members have no credit union credit accounts (either open or closed)."

 ...

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Sounds like some banks paid them to try to scare you away from credit unions because they were losing money with fewer customers to rip off.  I've never seen any other credit rating that said a thing about accounts with credit unions.