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Reason Codes

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CreditBob
Established Contributor

Reason Codes

The reason codes or what are known as the risk factors are one or two digit numbers that are some factors to what your score is. These numbers are only found on credit reports that a lender pulls. I had a person in the banking industry show me the codes along with a book that I have. There are so many different factors that make up a credit score. Having one revolving account with an open line of credit is a golden account meaning that the score will be healthier as it ages compared to if you only had one credit card account by itself.

 

40    Derogatory public record or collection filed

39    Serious Delinquency

1      Amounts owed on accounts is too high

2      Level of delinquency on accounts

11    Amounts owed on revolving accounts is too high

13    Time since delinquency was too recent

19    Date of last inquiry too recent

24    No revolving balances

 

On a last note I am trying to find if oen finace company hurts your score & here is why.

 

6     Too Many fiannce comapnies

99   No fiannce comapny reporting

Message Edited by CreditBob on 01-20-2010 11:03 AM
Message 1 of 4
3 REPLIES 3
MattH
Senior Contributor

Re: Reason Codes


@CreditBob wrote:

The reason codes or what are known as the risk factors are one or two digit numbers that are some factors to what your score is. These numbers are only found on credit reports that a lender pulls. I had a person in the banking industry show me the codes along with a book that I have. There are so many different factors that make up a credit score. Having one revolving account with an open line of credit is a golden account meaning that the score will be healthier as it ages compared to if you only had one credit card account by itself.

 

40    Derogatory public record or collection filed

39    Serious Delinquency

1      Amounts owed on accounts is too high

2      Level of delinquency on accounts

11    Amounts owed on revolving accounts is too high

13    Time since delinquency was too recent

19    Date of last inquiry too recent

24    No revolving balances

 

On a last note I am trying to find if oen finace company hurts your score & here is why.

 

6     Too Many fiannce comapnies

99   No fiannce comapny reporting

Message Edited by CreditBob on 01-20-2010 11:03 AM

http://www.bayhouse.com/FairIsaac-FICO-risk-factors.shtml

http://www.bayhouse.com/FairIsaac-NextGen-risk-factors.shtml

 

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 2 of 4
bigtim
Frequent Contributor

Re: Reason Codes


@CreditBob wrote:

Having one revolving account with an open line of credit is a golden account [...] compared to if you only had one credit card account by itself.


Can you please clarify this Bob? The way I am reading it, "one revolving account with an open line of credit", is the same thing as, "one credit card account"...? I'm confused (I get confused easily). Smiley Happy Please explain, thanx.

---------------------------------------------------------------
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12/2013 - Chase Freedom (ICL 3,500 ACLI to 4,500 07/2014)
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Back to gardening for a year or two
Message 3 of 4
Anonymous
Not applicable

Re: Reason Codes


@CreditBob wrote:

The reason codes or what are known as the risk factors are one or two digit numbers that are some factors to what your score is. These numbers are only found on credit reports that a lender pulls. They are also available at myfico.com/12

On a last note I am trying to find if oen finace company hurts your score & here is why.

 

6     Too Many fiannce comapnies

99   No fiannce comapny reporting

 

I'm not sure 99 is actually a valid code.  If it is, it is often listed as Lack of Recent Consumer Finance Company Account Information, which I believe is different than not having a finance company account - it's that there's no recent info reporting.

 

One Consumer Finance Company account is enough to earn you a #6 "Too many consumer finance accounts" - stick with quality lenders for the best FICO score - and, IMO, the best consumer experience.  If you already have a consumer finance account, closing it and allowing time to heal the wound will lessen the impact until it (finally) falls off your report.

 

Hope that helps.


 

Message 4 of 4
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