How to determine which account is CFL?

[eaunspa]

I got these from MyFICO not Experian.  I wonder why MYFICO wouldn't identify them since they are the ones indicating I have CFL.

Thanks for your feedback!

[eaunspa]

One more thing...why is it after you've paid something off, Date of Last Activity continues to increment even after years of paying something off.  Doesn't this make the time before something drops off your report increase?  What type of activity is going on after you've paid something off?

[haulingthescoreup]

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@eaunspa wrote:

I got these from MyFICO not Experian.  I wonder why MYFICO wouldn't identify them since they are the ones indicating I have CFL.

Thanks for your feedback!

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None of them print out in big bold letters "CFL," whether myFICO, TrueCredit, other 3-in-1's, or the full things straight from the credit bureaus.

I agree, I'll bet that it's that "secured by household goods" thing. Looks like it will fall off in May 2011. Annoying, but I don't think it's hurting you much.

When you look at the myFICO EX report, do you see the symbols by each loan that I described in the second post? I wouldn't try this with an EQ or TU report, but you almost might be able to believe EX. Which ones have the car symbol, which have the mortarboard, and which have the money bag? I'd say that it's one of the money bag loans.

We've been trying to figure out how indicative these symbols are of how a loan is treated, so please don't everyone go crazy if they have a money bag by their car loan, etc. I have those on my Honda lease for EQ and TU, but a car symbol on EX, yet all my scores are pretty similar, so it might well be just a display quirk.

[eaunspa]

Hey,

I have a money bag next to the "Household Goods"...Equity One loan AND I have one next to USAA Federal Savings Bank, which was a motorcycle loan on EX.  Should I call USAA and see if they wrongly designated this loan as CFL? instead of auto loan?  That would hurt my credit right?

What would you ask them specifically if this is something I could / should do?

Thanks!

[haulingthescoreup]

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@eaunspa wrote:

Hey,

I have a money bag next to the "Household Goods"...Equity One loan AND I have one next to USAA Federal Savings Bank, which was a motorcycle loan on EX.  Should I call USAA and see if they wrongly designated this loan as CFL? instead of auto loan?  That would hurt my credit right?

What would you ask them specifically if this is something I could / should do?

Thanks!

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USAA is so good to work with that I'm sure they'd be willing to look at the coding. I assume that motorcycle loans would be classified as auto loans? They seem more like a car than like a sofa.

Tell them that on one of your reports it looks like it's being treated as a consumer finance loan, and can they check the coding on their end.

Please keep us posted --if something winds up changing after you make your call, I guess I'm going to have to get on the phone too!

(And the Equity One does look like the real CFL. Don't think you're going to get anywhere on that one, and it's probably more helpful with its history than harmful with its loan type.)

[eaunspa]

USAA is saying they are reporting it as a Motorcycle loan, so why is it showing up with the money bag?? Why isn't there a definitive way to determine what is a CFL? This is very frustrating. USAA says if it's not a real estate loan that all loans are "consumer loans" they don't say "consumer finance loans" BUT consumer loans. What do you guys think about this?

[haulingthescoreup]

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@eaunspa wrote:
USAA is saying they are reporting it as a Motorcycle loan, so why is it showing up with the money bag?? Why isn't there a definitive way to determine what is a CFL? This is very frustrating. USAA says if it's not a real estate loan that all loans are "consumer loans" they don't say "consumer finance loans" BUT consumer loans. What do you guys think about this?

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Again, the money bag only denotes that it's some type of personal loan, not necessarily a CFL. I suppose that myFICO doesn't have a symbol for a motorcycle loan?

I've always been told that a signature loan from a bank or CU is NOT a CFL, but merely a personal loan. (And these do show up with a money bag.) DH is fascinated with signature loans from our local credit union and has about a dozen on his reports, but he has never had the CFL ding, and right now he has no negatives on any of his reports.

So maybe you're only being dinged for the single Equity One loan, and "too many" = 1.

[RobertEG]

How to determine which existing TLs are a CFL or a more solid form of install loan is something I will leave to the experts. 

As a teaching tool for future credit actions, it is undisputed that FICO scores a CFL with more distain that a bank/personal/secured, etc., install loan.  So dont take out a CFL until you have exhausted other established loans.

Listen to the FICO webinar of 4/11/08.

[eaunspa]

RobertEG,

That is why I'm so unhappy - to my knowledge I never took out a CFL. LOL  I don't know what your post was really trying to say.  Who are the experts?  Can they tell me with 100% certainty which of my loans is a CFL?  I need to knwo this so that in the future I can ensure I'm not taking out a CFL loan. 

Thanks!

[Anonymous]

I still think the Secured by .... another person other than you as household, could be seen as this Consumer Finance loan. If it were secured by you than it would be a Personal Secured. This is the first time I had seen a title like that. This could confuse the score system. It doesn't hurt to try and have them retitle it as personal loan or secured personal loan. However they would also need to change the coding for the loan as well. I have never been successful in getting a bank to do this properly so now I make them give me a letter with the correct title and send the letter to the CRAs as a dispute to correct on the CRA side. Lenders don't have a clue what we are talking about and usually won't understand that you want it recoded either. They will just change the noted title which is not what you need changed. I'd try to get a letter stating that title and coding on the account type is incorrect and should be changed to.... for both. The CRAs can make the correct adjustments. This is only a guess, it should be one of these two and my guess is this one.