Re: Close old credit card and/or increase limit on new one?
05-25-2011 06:19 AM
IIRC there were a few isolated posts citing Care Credit, a revolving acct., as improperly reporting as a CFL.
Ach!!! that was probably me!!!
A while back, and when I was relatively new here, I did have a note on my Care Credit inquiry that it was for "consumer finance" on one of my FAKO score reports (CCT - IIRC). And I did have a note on my FICO report pulled here that I had too many Consumer Finance accounts. Very very confusing to me.
But FICO doesn't put revolving accounts in the CFA category - so my Care Credit has never been seen as a Consumer Finance account by FICO, in spite of how my CCT report categorized the inquiry. When I learned how FICO viewed the account, I posted the corrected info (hopefully on each and every one of my posts that indicated anything to the contrary )
This was part of how I learned to discount some of the info (and the FAKO scores) on CRMS pulls.
It turned out that the CFA that FICO was recognizing (and scoring me on) was a mortgage (through Litton IIRC). My Care Credit account was not the culprit.
Care Credit still gives me the willies, though, because of their financing terms. I closed mine and use my local CU account for medical instead. Same CL as Care Credit, but I sleep better if I have to carry a balance for a short while.
Sorry if this thread has been totally hi-jacked.