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Got an e-mail alert via ScoreWatch that I had a score change today.
The only thing that changed this month was that I paid my UTI down from 9% to 2% so I naturally thought maybe I gained a few points.
HOWEVER, when I check my score it dropped from 712 to 701 due to:
"This score decrease may be caused by this new reason:
Needless to say that alarmed me as I haven't added any new account in over 6 years.
Upon buying a new report, I find that NOTHING has changed from last month. Same accounts listing the same way. The only accounts I have is 12 PAID/CLOSED student loans, one consolidated student loan, and a GE PayPal account.
Under the negatives in the "Understanding Your Score" section, it lists ZILCH about a "consumer finance account".
**bleep** is going on here???
I'd check CK or CS and see if they list something new, sounds strange.
@DrMac210 wrote:Got an e-mail alert via ScoreWatch that I had a score change today.
The only thing that changed this month was that I paid my UTI down from 9% to 2% so I naturally thought maybe I gained a few points.
HOWEVER, when I check my score it dropped from 712 to 701 due to:
"This score decrease may be caused by this new reason:
- You have a consumer finance account on your credit report."
Needless to say that alarmed me as I haven't added any new account in over 6 years.
Upon buying a new report, I find that NOTHING has changed from last month. Same accounts listing the same way. The only accounts I have is 12 PAID/CLOSED student loans, one consolidated student loan, and a GE PayPal account.
Under the negatives in the "Understanding Your Score" section, it lists ZILCH about a "consumer finance account".
**bleep** is going on here???
Even for a CFL that is a large decrease. They generally count very little in scoring. I would also contact the CRAs and see if for some reason your SL are being considered CFL. It has happened in the past.
Dropping your utilization could also be the issue. Your sweet spot may be at the higher end of the 9%.
@blondy250 wrote:I'd check CK or CS and see if they list something new, sounds strange.
Checked CK (it updated today) and it shows the same score as last month with no new accounts.
I'll check CS when it updates next.
@guiness56 wrote:
@DrMac210 wrote:Got an e-mail alert via ScoreWatch that I had a score change today.
The only thing that changed this month was that I paid my UTI down from 9% to 2% so I naturally thought maybe I gained a few points.
HOWEVER, when I check my score it dropped from 712 to 701 due to:
"This score decrease may be caused by this new reason:
- You have a consumer finance account on your credit report."
Needless to say that alarmed me as I haven't added any new account in over 6 years.
Upon buying a new report, I find that NOTHING has changed from last month. Same accounts listing the same way. The only accounts I have is 12 PAID/CLOSED student loans, one consolidated student loan, and a GE PayPal account.
Under the negatives in the "Understanding Your Score" section, it lists ZILCH about a "consumer finance account".
**bleep** is going on here???
Even for a CFL that is a large decrease. They generally count very little in scoring. I would also contact the CRAs and see if for some reason your SL are being considered CFL. It has happened in the past.
Dropping your utilization could also be the issue. Your sweet spot may be at the higher end of the 9%.
I'll wait until next month to see if anything changes and I'll also go back to 9% and see if that makes a difference.
We are going to the bank mid- February to check into a USDA loan, so I'm glad it wasn't TOO big of a decrease. It is just frustrating trying to squeeze out small score increases here and there and then BOOM something like this happens that makes no sense.
My Barclays credit card is listed as a "consumer finance account"on one of the CR's. It's not.
It's a regular cc. I am waiting to see if it changes back next month. It dropped my credit score nearly 20 points.
Maybe there was a mix up like that on yours?
@IOBA wrote:My Barclays credit card is listed as a "consumer finance account"on one of the CR's. It's not.
It's a regular cc. I am waiting to see if it changes back next month. It dropped my credit score nearly 20 points.
Maybe there was a mix up like that on yours?
Well I checked all of the account details and none of them are listed as a CFA. Hoping it's just a glitch and next month it returns to normal.......
So when you have a Consumer Finance Account does it list as such in the comments of the tradeline on the credit report? How can you tell which account is a CFA?
@Marcos8 wrote:So when you have a Consumer Finance Account does it list as such in the comments of the tradeline on the credit report? How can you tell which account is a CFA?
Not necessarily. Generally a CFL is one that is not one from a bank or CU and is considered for those that can't get a loan via normal routes. For instance Pioneer or Omni for military are CFLs. Also Beneficial, CitiFinancial, Discounter USA, Furniture loans, etc.
Over the years I was in the military, I had 24 of them and had no idea they were considered negative.
If you see some remarks on your CR, contact the CRA and ask them which ones they are.