Just checked my scores. While all is well, I noticed that I have some loan accounts classified as "revolving" and I have some regular loans classified as mortgage.
Basically my reports say my number of revolving accounts are (correct number in parantheses):
TU 10 (8)
EX 12 (9)
EQ 10 (8)
The 9th account on Experian is a very old closed card that for some reason hasn't fallen off my experian while it's fallen from the other 2. Not a problem there obviously. The EX also has a duplicate of a card I have. I PC'd a card and EX is showing both as separate accounts.
The 2 mistaken accounts are an old verizon account and a satisfied and closed loan. An AU account is counted here as well as under AU.
Installment loans are correct.
Under mortgage, two other old installment loans that that only show up under TU are listed. Again, not mortgages....just loans. If anything, I'm a little miffed that they only reort to TU...but that's not really the issue here.
So, do any FICO gurus think my points are suffering with two "revolving accounts" that are really closed installment loans? I would guess that being incorrectly labled as revolving isn't going to make them stay forever. They are still marked as closed.
I would assume that the two "mortgage" accounst that are really closed installments would be somewhat beneficial.
So, any opinions? Am I losing points or much ado about nothing in terms of formula math?
Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
On the assumption you have other installment history on EX/EQ, then it's probably pretty moot regarding the mismarked ones.
While I'm a fan of having everything reporting as accurately as possible, I'd probably not poke the bear on the installment loans reporting as mortgage lines personally. Not certain there's a benefit to it, but they certainly aren't hurting score wise and any underwriter is going to see what's going on and likely not make any issue of it.
