Reply
New Contributor
Posts: 73
Registered: ‎07-19-2007
0

Overdraft Protection

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?
Regular Contributor
Posts: 126
Registered: ‎05-12-2007
0

Re: Overdraft Protection

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!
New Contributor
Posts: 73
Registered: ‎07-19-2007
0

Re: Overdraft Protection

How does FICO pull the information if it is not listed on my credit report?
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
0

Re: Overdraft Protection



r92503lind wrote:
How does FICO pull the information if it is not listed on my credit report?


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.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
New Contributor
Posts: 73
Registered: ‎07-19-2007
0

Re: Overdraft Protection

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.
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
0

Re: Overdraft Protection



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.


This is good for you.:smileyhappy:
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Regular Contributor
Posts: 155
Registered: ‎06-12-2007
0

Re: Overdraft Protection

[ Edited ]
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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.