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steffiejoe
Posts: 80
Registered: ‎09-22-2007
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types of accounts

I have a signature loan is that considered a personal finance account?
I have renewed my signature loan 3 times, and equifax states I have to many personal finance accounts.
 
What are some examples of personal finance accounts?
Your PLUS Score is: 800 on a scale of 330 - 830.
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: types of accounts

Complicated. Basically it's how the bank titles your loan. I ask before I open loans these days. I think TU CR shows CF loans as CF not installments noted on the credit report. Not sure. (directly from TU not TC) But any lending business not a "bank" is usually a consumer finance with mortgage exceptions. Some banks even have separate corps such as Citi Financial which is known to title CF loans. You might be able to talk to your lender and see if they will re-title it.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: types of accounts



steffiejoe wrote:
I have a signature loan is that considered a personal finance account?
I have renewed my signature loan 3 times, and equifax states I have to many personal finance accounts.
What are some examples of personal finance accounts?



BTY I get these installment offers in the mail and they are called signature loans. They have always been CF types. Probably yes it would be considered if you took one of these mailed offers with checks to pay bills, debt, ect. But if you called a bank, or went in to a bank I would be surprised to see this happen. Then again these same banks mail you these offers and then usually they are CF type loans. I don't know why.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: types of accounts

CF accounts are usually high interest. However I've seen down right low int offers that I wanted to take. But I didn't because of CF status. It just doesn't seem right that it hurts credit.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Established Member
chickadee
Posts: 14
Registered: ‎10-01-2007
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Re: types of accounts

Do you know if an installment loan from American General Finance would be considered a CF? It sure feels like it, they're charging a fortune, but it's the only installment loan I have, all the rest are CCs or mortgages (I have 3) It's listed on my TU CR as "Secured By Hshld Gds & Collat" which is odd because it was in fact a signature loan. EX calls it an installment.

It's also the youngest account I have (about 8 mo). I'm considering PIF but I'm trying to raise my score. I just got down from 100% to 25% util on my CCs and was hoping to negotiate a lower rate when my scores improved. Any thoughts?
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ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: types of accounts

UPDATE. RE: SIGNATURE LOANS. Just making sure that you didn't mean LOC line of credit. I was describing the advance checks you get in the mail that are not connected to any account that you presently have.

Where as a LOC is a credit account with checks like a checking account. This would be an account that you always keep open and $0 bal until you use it. This could act like a credit card cash advance or an installment loan on standby.

The odd thing again is that this really doesn't differ from consumer finance accounts. How much more confusing is this. lol. I go by TransUnions descriptions if installment, LOC, or Consumer Finance. Don't know if this confuses you more of helps.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: types of accounts

[ Edited ]
When you pull your credit report directly from TU (not TC) in the long white box just below the address of your creditor and to the left of all the green boxes just above Late Payments wording you should see "LOAN TYPE:" in bold. Just next to this it will say: Mortgage, Charge Card, Credit Card, Installment, Line of Credit, Consumer Finance, ect? What does it show for this Signature Loan.

Message Edited by ilovepizza on 10-11-2007 10:39 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
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fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: types of accounts



chickadee wrote:
Do you know if an installment loan from American General Finance would be considered a CF? It sure feels like it, they're charging a fortune, but it's the only installment loan I have, all the rest are CCs or mortgages (I have 3) It's listed on my TU CR as "Secured By Hshld Gds & Collat" which is odd because it was in fact a signature loan. EX calls it an installment.

It's also the youngest account I have (about 8 mo). I'm considering PIF but I'm trying to raise my score. I just got down from 100% to 25% util on my CCs and was hoping to negotiate a lower rate when my scores improved. Any thoughts?

It depends on how it's coded on your reports but yes Amercian General Finance does underwrite consumer finance loans.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Member
chickadee
Posts: 14
Registered: ‎10-01-2007
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Re: types of accounts

[ Edited ]
On TU the Amer Gen Finance is listed as "Loan Type:smileyfrustrated:ecured by Household Goods & Collat" but on the right side under a bunch of other stats it says "Account Type: Installment".

I hate this loan, the interest rates are astronomical. But I have no other installment loans, a bunch of CCs, 3 mortgages. I can save money by paying it off, but what will that do to my score? I'm trying to raise my score so I can negotiate lower rates. I'm really on the fence whether to PIF or try to negotiate a lower rate.

Message Edited by chickadee on 10-12-2007 12:48 PM
Established Member
chickadee
Posts: 14
Registered: ‎10-01-2007
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Re: types of accounts

BTW, it's definitely not LOC.

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