@gamecockmd wrote:
and what is a CFL? That's the first time they've mentioned that term. I just assumed it meant any form of loan since I have no new accounts.the only accounts I have that are open are 2 credit cards with nearly 0% util and a mortgage...
A CFL is a consumer finance loan. They are typically higher APR's and easier to get. They often come from "store-front" lenders, including Citi
financial, Wells Fargo
Financial, and so forth. They can also be in-store financing, although many of those are now being coded as revolving instead.
It's more likely that it's the multiple-accounts-with-derogs that's hurting you in your new bucket. I have a closed CFL, but it's not mentioned as a negative. I get multiple accounts, a serious derog (a 90-day), short average history, and new accounts. As these fade away, I suppose they'll drag up the CFL.
FWIW, a CFL has a minimal ding. It's more that you don't get as many points for one as you would for a regular loan. Exasperating, but really pretty minor in the big scheme of things.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007