Royal, are all of your installment loans closed or do you still have one open? If they are all closed you could gain a quick and easy 30 points with the SSL technique.
CGID, interesting info regarding FC accounts and delinquencies on them having more potency. The 90 day late that I got through Wells Fargo was a FC account through a furniture store. That late did some serious damage. I finally got it removed from EQ 2 weeks ago, on TU it was backed down to a 60, and on EX it still remains. I'm still in communication with WF as they agreed to remove it completely from all 3B, it's just seemingly taking a while but slow progress is better than none 
@Anonymous wrote:Royal, are all of your installment loans closed or do you still have one open? If they are all closed you could gain a quick and easy 30 points with the SSL technique.
CGID, interesting info regarding FC accounts and delinquencies on them having more potency. The 90 day late that I got through Wells Fargo was a FC account through a furniture store. That late did some serious damage. I finally got it removed from EQ 2 weeks ago, on TU it was backed down to a 60, and on EX it still remains. I'm still in communication with WF as they agreed to remove it completely from all 3B, it's just seemingly taking a while but slow progress is better than none
Only one of them is open, it's that personal loan i was saying, the one for $1800. The rest are all closed.
@Anonymous wrote:Royal, are all of your installment loans closed or do you still have one open? If they are all closed you could gain a quick and easy 30 points with the SSL technique.
CGID, interesting info regarding FC accounts and delinquencies on them having more potency. The 90 day late that I got through Wells Fargo was a FC account through a furniture store. That late did some serious damage. I finally got it removed from EQ 2 weeks ago, on TU it was backed down to a 60, and on EX it still remains. I'm still in communication with WF as they agreed to remove it completely from all 3B, it's just seemingly taking a while but slow progress is better than none
Hi BBS. Just for clarity I was not suggesting that the delinquency penalty on an FC account would be worse than the same delinquency on a non-FC account. I was trying to make clear that while FICO would consider a closed but well managed FC account as a mildly bad thing, you'd still get the additional full penalty if that FC account was delinquent (the additional penalty being whatever a 30-day or 60-day or 90-day late happens to be).
In your case, when you get all delinquencies removed, it sounds like you will still have a clean closed FC account on your reports, which will do some (possibly very mild) damage to your score. The good news is that harm (such as it is) is already been done, so getting the derogs removed will undo the Day 90 late penalty, which can only be a good thing.
@Anonymous wrote:
@Anonymous wrote:
@newhis wrote:Interesting. I guess FC accounts open hurt more than closed?
Will the FC accounts closed stop hurting after some time? Like a HP that stops hurting after 1 year?
Yes I am wondering the same thing, good question.
As for dixies question. I do have finance company accounts, it says it on MyFICO and on CCT.
Yes... but do you have any FC accounts on your EQ report? I know you had some on TU and EX.
Actually if you could tell me how many you have on EQ, how many on TU, and how many on EX, that might tell us something.
Regarding the issue of how the harm done by FC accounts is measured by FICO, I don't know. I do not know that open FC accounts are considered worse than closed ones, though that might be. Nor do I know that FC accounts that were closed 4 months ago are considered worse than those closed 4 years ago (say) -- though that might be too. Unlike CC balances this is an area that is hard to test for nuances. With credit cards, there are a huge number of Forum contributors who have them, they can change their balances swiftly and easily and with no permanent effect, measuring score changes all the while. With FC accounts nobody is going to willingly add one to his profile just for "test purposes" because you are then stuck with it for 10 years even if you close it right away.
There have been, however, many cases of people adding an FC account accidentally (without realizing the risk) and experiencing some score harm. Or, as in the case of our OP, people who have a strangely low score when all other factors suggest it should be much higher. And then we find out that the profile has FC accounts on it. I think there was a guy who posted on here about getting a FC company account removed from his report and gaining promptly 26 points. All hard stuff nevertheless to replicate and test repeatedly
So I was able to pull the CCT reports again from last week. This is what it says.
FICO® Score 8- 688, 698, 712
Factors helping your score: No missed payments, Low credit usage, Recent credit card use. It says that for all 3 bureaus.
Factors hurting your score: EX- Short credit history, Installment balances, Consumer finance acct. TU- Short credit history, Installment balances, Seeking credit. EQ- Short credit history, No installment loans, Seeking credit.
That was all under factors.
