topic Re: finance companies in Understanding FICO® Scoring

finance companies

Anonymous — Thu, 14 Jun 2007 21:14:22 GMT

There is a finance company on my report listed as a satisfactory account, never delinquent. It should drop off in a few years. Would it benefit me to attempt removing it early?

Re: finance companies

Tuscani — Fri, 15 Jun 2007 01:05:04 GMT

You might get conflicting advice. But, IMO, I would leave it be.

Re: finance companies

Anonymous — Fri, 15 Jun 2007 01:15:54 GMT

What type of finance company is it noted as? I ask because I am trying to learn more about finance companies, although I probably can't give an opinion in this area. I take Tuscani's advise.

Message Edited by ilovepizza on 06-14-2007 06:15 PM

Re: finance companies

Anonymous — Fri, 15 Jun 2007 01:50:48 GMT

I am not sure. It is actually my husbands from his previous marriage. I am just doing the homework. It is called Right-Away. I am not sure about the finance companies, although FICO isn't very forgiving with their presence on your CR. We have also had the problem with them reselling several times when his ex got the home foreclosed on. Now what should have been cleared on his credit in april, we are stuck with until 2012!

Re: finance companies

Anonymous — Fri, 15 Jun 2007 02:55:29 GMT

If someone can explain how I would know the difference between a negative finance company and a positive finance company please post a reply on this link. Thank you.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4812

Message Edited by ilovepizza on 06-14-2007 07:55 PM

Re: finance companies

Anonymous — Fri, 15 Jun 2007 20:42:43 GMT

Thanks for the info. Most of our credit issues are pretty straightforward, until something like this comes up. I will just leave that alone. Kudos to all who post. I can't thank you all more for your insight on how the system works and how to play the game.

Re: finance companies

Anonymous — Wed, 20 Jun 2007 00:55:14 GMT

If you check your insurance credit score, they tell you that having open accounts with finance companies and department stores lowers your score. I closed three finance company credit cards today. 2 GE City Furniture accts and 1 Wells Fargo City Furniture. I'll let you know how it affects my score.