topic Re: Key Factor Affecting Score in Understanding FICO® Scoring

Key Factor Affecting Score

poops — Tue, 10 Jan 2012 16:42:56 GMT

What does the statement below mean? It was listed on my EQ report as a key factor affecting my credit score.

"The percentage of department store accounts or charge cards to all of the accounts in your credit file"

I did not know that having more dept score cards than conventional CC's was a bad thing. Maybe I should apply for 1-2 more credit cards...

Re: Key Factor Affecting Score

Lel — Tue, 10 Jan 2012 16:53:07 GMT

@poops wrote:
What does the statement below mean? It was listed on my EQ report as a key factor affecting my credit score.

"The percentage of department store accounts or charge cards to all of the accounts in your credit file"

I did not know that having more dept score cards than conventional CC's was a bad thing. Maybe I should apply for 1-2 more credit cards...

Was this a reason code that came with the non-FICO score that you mentioned in your other recent thread?

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Judgment/m-p/1153215/highlight/true#M59441

Re: Key Factor Affecting Score

poops — Tue, 10 Jan 2012 16:56:47 GMT

Yes.

Re: Key Factor Affecting Score

GregB — Tue, 10 Jan 2012 17:34:21 GMT

"Fixing" that negative factor would only help that score, the Equifax Risk Score. Since that score is not used by any lender, why would you care?

Some, maybe even most, of the advice and/or reasons listed on FAKO reports will help you improve reports used by lenders. Unfortunately, some of it will actually hurt.