fico score went down

[Anonymous]

because my checking account has more money in it?

why is this?  makes no sense to me.  I have more money, so the score goes down..

please explain this to me.

thanks

george hardy

-your value as a human being is a number. coming soon: tatoo barcodes and goose-stepping thugs

[TheArcher]

Do what? How much money you have has nothing to do with your FICO score. You're checking account has nothing to do with FICO scoring, and I have no idea how that would be reported to the CRAs.

[Anonymous]

yea, it's like bank of america is reporting my bank account as a credit card.

[Anonymous]

No, you need to pull your 3 CR and see what changes have happened... inquiries, maybe a late payment, an old account aging off of your CR, or something else...

Even if you are sure that none of this has happened, there is still a chance that an error may have occurred on your CR.

Lastly, your checking account has nothing to do with your credit unless you were overdrawn, the account closed because of it, and then later your bank put you in collections for not taking care of the overdraft.

Income or how rich or poor you are has nothing to do with your FICO.

[RobertEG]

ghardy, this is a common FICO misconception, so dont be confused.  FICO does not consider total debt, current income, debt-to-income, etc in its scoring.  It is simply a debt risk repayment analysis, and not a financial stability analysis, period.

Simply file a dispute with the CRA on their reporting of this account as a revolving.  They must investigate.  If you want to speed up the process, contact BOA and tell them that they are apparently reporting it incorrectly, but make sure you file a dispute with the CRAs, for that is the dispute procedure prescribed under the FCRA.

[haulingthescoreup]

I've read about some sort of checking account at BofA that does report as revolving; somehow it's linked with a line of credit, or something? My memory's deeply fuzzy on this one.

Can you post back with the exact name of this beast?