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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
@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
@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). Please explain, thanx.
@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.