Understanding FICO® Scoring

[r92503lind]

I saw where someone mentioned overdraft protection is taken in to account for FICO scoring. I have this with ING Direct but it does not show up on my CR.

Does this still affect the FICO?

[VLGaffEsq]

Yes, "overdraft protection" does count in your FICO scoring.  Unfortunately, it is included in your revolving debt, and when you applied for it, it counted as a 'hard inquiry' on you credit report!

[r92503lind]

How does FICO pull the information if it is not listed on my credit report?

[fused]

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r92503lind wrote:

How does FICO pull the information if it is not listed on my credit report?

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Overdraft protection is usually factored in your revolving util% calculations, but if it's not reporting on your CRs, FICO cannot factor it in scoring.

[r92503lind]

Got it.

I know some overdraft accounts do show as a line of credit. The one I have doesn't show for some reason.

Thanks.

[fused]

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r92503lind wrote:

Got it.

I know some overdraft accounts do show as a line of credit. The one I have doesn't show for some reason.

Thanks.

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This is good for you.

[Pants]

When ING initially offered the Electric Orange paperless checking account it said in the terms "they will never ding your report nor report your balance to the credit reporting agencies."

Sometime in March or April the terms of the checking account were changed and it says now a hard pull will be done and they will report your credit line to the CRA's.

It depends on when your account was opened. I had the ING account in December. They offered me a $300.00 credit line. Sometime in March or Early April, ING closed my account because of my low credit score. I was not a happy camper when they did that to me.

Message Edited by Pants on 08-01-2007 11:48 AM