topic Re: Personal Finance CC in General Credit Topics

Personal Finance CC

Anonymous — Wed, 04 Oct 2017 21:25:23 GMT

I was reviewing my CB and noticed an account that's listed as inactive...when I was 18 or 19 I was dumb and was at a jewelry store looking at promise rings for my girlfriend at the time, who is now my fiance, and in two weeks my wife!

Anyways, while at the store looking I inquired about financing and filled out a credit app (didn't know I was doing that at the time) and the lady told me I was pre-approved to spend $1,000....

Long story short I never ended up using it and forgot about it, and while looking at my CB today I noticed a credit card account from Sync/luxury items or something along that line with a $1,000 limit.

It is listed at inactive (I am assuming means closed) and that it was only open for a year before it was "closed"....

The thing that worries me is under the "industry type" section on the account details it is listed at Personal/Finance....is this a negative remark, I have heard rumors that "personal finance" TL's are sometimes taken negatively.

I am not too worried about it but just more curious than anything.

Thanks

Re: Personal Finance CC

Meanmchine — Wed, 04 Oct 2017 21:32:06 GMT

Never heard that before but Ill be interested to find out

Would PLOC accounts fall into this catagory?

Re: Personal Finance CC

Anonymous — Wed, 04 Oct 2017 21:33:43 GMT

Generally speaking, many people with those unsavory consumer finance accounts usually have a FICO reason code telling them their score is lower because of one.

If you're not seeing that reason code, I wouldn't worry. I think most of those account types were installment loans and this sounds like a revolver.

Re: Personal Finance CC

Anonymous — Wed, 04 Oct 2017 22:38:36 GMT

It shows as a revolving account, was just curious as to wether or not the coding of it is considered negative.

My scores are all high 700's so I don't think it is negativley affecting my scores, was just curious if from a underwriter's perspective if it makes any difference.

It's amazing how much I have learned and how far I have furthered myself in the credit world since the ripe old age of 19 haha

Re: Personal Finance CC

Anonymous — Wed, 04 Oct 2017 23:47:40 GMT

@Anonymous wrote:
It shows as a revolving account, was just curious as to wether or not the coding of it is considered negative.

My scores are all high 700's so I don't think it is negativley affecting my scores, was just curious if from a underwriter's perspective if it makes any difference.

It's amazing how much I have learned and how far I have furthered myself in the credit world since the ripe old age of 19 haha

There are a few FICO versions that don't like them. How much do they hurt your scores? Who knows.

Re: Personal Finance CC

Anonymous — Thu, 05 Oct 2017 00:49:13 GMT

First, congrats on the upcoming wedding!

It sounds like a CFA to me, which means it could be impacting your scores adversely a bit. It may only be 5-10 points, but if you can get those points why wouldn't you, know what I mean? How old is the account and is it older or younger than your AAoA? If it wouldn't drop your AAoA significantly, I'd contact Synchrony and ask them if they'd consider deleting the trade line all together. Since you never used it there's no history there for them to report really, so I think they may do this for you. If you have any other favorable history with Synchrony you could point to that as support for your minor request.

Re: Personal Finance CC

Anonymous — Thu, 05 Oct 2017 14:20:26 GMT

BBS,

I believe it was opened in 2012 and closed in 2013, open for almost exactly a year before it became inactive. Oldest account is a little over 6 years old (student loans) and AAOA is 3 yrs 6 mo's I believe. So it would be one of my older accounts I suppose. Not too worried about scores as they are all in upper 700's and I already have my mortgage, and scores good enough to obtain the best rates if I decide to buy a vehicle in the near future. Was just curious if how this account is labeled could be adversely affecting my score. I have no accounts with Synchrony other than this one.