Understanding FICO® Scoring

[dekrist]

My report is showing my auto loan as a line of credit but does state it is installment when i open that account up.  But under credit at a glance it is in revolving accounts, and showing i have no installment accts. Do you think is/will affect my score?.

Message Edited by dekrist on 05-07-2007 08:02 AM

[Tuscani]

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dekrist wrote:

My report is showing my auto loan as a line of credit but does state it is installment when i open that account up.  But under credit at a glance it is in revolving accounts, and showing i have no installment accts. Do you think is/will affect my score?.

Message Edited by dekrist on 05-07-2007 08:02 AM

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LOCs are generally revolving. I would contact the lendor to see how it should be reporting and dispute any discrepency.

[dekrist]

There customer service is in India i think and when i call them they have no clue what i'm talking about. Can this affect my score? or No?. Also it appears that Equifax is only report that is like this the other two are correct.

[Tuscani]

Yes it can affect your score. Why? Because installment and revolving is calcuated differently when compiling a score.

[dekrist]

Just investigated further, on the equifax web site it shows as an installment so it appears to be a myfico issue. I'm really losing faith in MyFico. Also just got off phone with my fico and was told its a formatting error and they are working on correcting it. They said it does not affect my score, we'll see!

Message Edited by dekrist on 05-07-2007 09:20 AM

[Tuscani]

Keep me updated. I am not sure what their exact meaning of "format error" is, but there are differences between having an account report as revolving or installment.

[dekrist]

Well just pulled score from equifax site and it is the same as MyFico. So evidently it is not impacting score.

[Tuscani]

You wasted your money. EQ and FICO are the same. EQ is the only CRA you can get your actual FICO scores without visiting myfico.com.

[dekrist]

OOOPS. well it was kinda worth it i did get a 3 pt increase since i last checked.

[Tuscani]

It probably went down 5 pts since then.... JK