Fico scoring wacky with closed accounts

[Anonymous]

OK I have been checking, examining, learning etc etc about Fico scores for about ten years but this one is annoying.

You are going to love this. It's lowering my scores by approx 50 points at Equifax and Experian.

On my Equifax and Experian reports I have four accounts clearly showing closed by consumer or something to that effect. When I buy my score and I go inside the report it clearly shows these accounts as being OPEN - HUH?.

I have disputed these with the agencies themselves but they have rightly reported back closed etc

Now WHO do I talk to at Fair Isaac to suggest it is a fault with their OWN scoring model ???

[hdporter]

Generally, there isn't a notation indicating an account is open. However, closed accounts are noted as such under the "Description" field. If there's nothing indicating the account is closed then the status is open.

Just as a side note, there can be some ambiguity when it comes to the term "Open". There are three key account types: Revolving, Installment, and Open. An Open account is where terms are loosely defined ... utility accounts can show as "Open Account" as well as accounts with no pre-set limit.

Should these accounts actually show as open, I'm not sure why you suspect that it's costing you 50 points (although I suspect you're comparing those scores against your TU). In general, having an account shown as closed costs you points -- the former limits on the account are no longer considered available when calculation your overall credit utilization. I suspect that the 50 point difference is related to other factors (such as a different number of inquiries for one report vs. another).

- Harry

[Anonymous]

When all of these accounts are notated in the description field as "closed by consumer" then that would mean then they are closed. My point is that Myfico tells me all of these four accounts are showing as OPEN. The reason I closed them was I opened too many new accounts three months ago and then I closed them.

[Anonymous]

I just called myfico customer service and they agreed with me on my assertion - this new system has something wacky going on - ie declaring clearly notated closed accounts as being open and possible (although not sure) this could be affecting score. My case has been escalated but I'm sure I'm not the only one... I would recommend everyone take a look at their own scores, some might have this glitch some may not...

Message Edited by ralphr on 05-02-2007 12:39 PM