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I was just notified that my score dropped 8 points within the last month because "You have a consumer finance account on your credit report". This was strange because I have not opened any new accounts in at least a year.
Its concerning because I have consistently improved my score and 8 points is a significant number in this credit crisis.
Welcome to the forums!
Which web site did you pull this report and score from?
You said you haven't opened any new accounts in the last year, do you see any account less than one year old on your report? Do you see any accounts on your report with creditors like Beneficial, CITIFinancial, Wells Fargo Financial, etc? Maybe, you have a loan for something (furniture is a common one) with one of these companies or a similar company that you opened more than a year ago and it has been coded as a consumer finance loan.
After looking into my accounts, I have noticed something strange. An account named "Aspire/Cbt" which was an old card comes up 3 times..twice with 0 balance and once with $174 balance which seems to be active. However, this card was a card was one that I closed because it was a high interest card. Also there is a "furniture credit line company" Gemb/Jcp, like you said. It has a zero balance. So, should I cancel that account?
cosmiceggstudios wrote:
Also there is a "furniture credit line company" Gemb/Jcp, like you said. It has a zero balance. So, should I cancel that account?