Money Bags vs MortarBoards

[Anonymous]

Latest Scorewatch pull reflects this little gem as the number 4 reason my score is not higher: You have a consumer finance account on your credit report. Number of consumer finance accounts on your credit report - 9 accounts!!!!! Now I did have a citifinancial loan paid in full closed no lates 2 years ago and this entry on my report has the little hobo money bag icon next to it on the report but so do my 6 student loans from sallie mae that were consolidated by sallie mae into one account. (The one existing Sallie account has the classy Mortarboard ICON-THANK GOD) For example-6 like this: (MONEY BAG ICON)SALLIE MAE Date opened [?] Mar, 1993 Date of last activity [?] Jul, 2002 Account number [?] XXXXXXXXX101F Largest past balance [?] $2,625 Credit Type [?] Installment Account holder [?] Individual Scheduled payment amount [?] $42 Descriptions [?] * Account transferred or sold Are all these so called "CONSUMER Finance accounts" killing my score? Arent they coded improperly? And if I have the legitimate score hit from the citifinancial does it matter anyway? Thanks!

[haulingthescoreup]

I have one CFL (Wells Fargo Financial), but I've never been scolded, mainly because they use up all the slots griping about my lates.

Looks like your SL's have been coded wrong. I don't know if the myFICO CSR's could get anywhere on this, but you could try with them (open today, closed Sundays), and if they can't do anything, call the student loan people on Monday.

A thought: is this the myFICO ScoreWatch, or the Equifax ScoreWatch? They are mostly identical, but I don't have any mortar boards or hobo bags on my myFICO ScoreWatch report. Hmmph, now I am jealous.

[Anonymous]

Yep- SL's are coded wrong

I have the same thing I am trying to fix right now myself -

5 CFL's instead of 1 stinks for me.

Funny my new ones from the same company are coded correctly.

[Anonymous]

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kbns625 wrote:
Latest Scorewatch pull reflects this little gem as the number 4 reason my score is not higher: You have a consumer finance account on your credit report. Number of consumer finance accounts on your credit report - 9 accounts!!!!! Now I did have a citifinancial loan paid in full closed no lates 2 years ago and this entry on my report has the little hobo money bag icon next to it on the report but so do my 6 student loans from sallie mae that were consolidated by sallie mae into one account. (The one existing Sallie account has the classy Mortarboard ICON-THANK GOD) For example-6 like this: (MONEY BAG ICON)SALLIE MAE Date opened [?] Mar, 1993 Date of last activity [?] Jul, 2002 Account number [?] XXXXXXXXX101F Largest past balance [?] $2,625 Credit Type [?] Installment Account holder [?] Individual Scheduled payment amount [?] $42 Descriptions [?] * Account transferred or sold Are all these so called "CONSUMER Finance accounts" killing my score? Arent they coded improperly? And if I have the legitimate score hit from the citifinancial does it matter anyway? Thanks!

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Wow

I read this post earlier and didn't recognize the mortar boards/money bags, but now I do!  I just pulled my TU score on myfico and my sallie mae student loans are all coded with the mortar board.  (Unfortunately I have 15 of them, all with naughty notes attached.)

My only money bags are two OLD accounts, an old citibank PFC from 1994 (paid and closed) and my old Montgomery Wards CC from 1996 (again paid and closed).

Interesting...

[haulingthescoreup]

Whoa, ho, ho! So that's what all those little symbols are!

And here's what interesting on mine: a paid-off car lease from American Honda Finance has a money bag by it on EQ and TU, but not on EX, which is my highest score. On EX, it has a little car. Also, EQ (my lowest) has a money bag by an old closed revolving account, while other closed revolving accounts have the credit card symbol by them.

Does anyone know for sure: do this symbols actually reveal how these accounts are coded? Because if so, I have some more clean-up to do!

[Anonymous]

If I am looking at the correct ones, I thought the "mortar boards" were credit cards since they say (on some) charge or credit cards. Now I am real confused.

[Anonymous]

By the way my SL's have a graduation hat onside of them. Am I looking at the right things?

[haulingthescoreup]

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@Anonymous wrote:

By the way my SL's have a graduation hat onside of them. Am I looking at the right things?

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I think so. Those are the mortar boards, at least that's what they look like to me --the little hat with the tassle. The CC symbols are the white rectangle with the black stripe. Mortgages are a circus tent, which is pretty appropriate for our house.

Shoot, EQ even lists our paid-off mortgage with a money bag! which I'm guessing is for an installment loan.

edit: sheesh, can't wait until the Firefox paragraph issue is fixed

Message Edited by haulingthescoreup on 01-05-2008 06:20 PM

[Anonymous]

On EQ my closed Junny account shows with a $ bag.

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@haulingthescoreup wrote:

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@Anonymous wrote:

By the way my SL's have a graduation hat onside of them. Am I looking at the right things?

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I think so. Those are the mortar boards, at least that's what they look like to me --the little hat with the tassle. The CC symbols are the white rectangle with the black stripe. Mortgages are a circus tent, which is pretty appropriate for our house.

Shoot, EQ even lists our paid-off mortgage with a money bag! which I'm guessing is for an installment loan.

edit: sheesh, can't wait until the Firefox paragraph issue is fixed

Message Edited by haulingthescoreup on 01-05-2008 06:20 PM

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[haulingthescoreup]

Wish I knew if all this was a myFICO display quirk, or if it actually reveals how these accounts are handled. Interestingly, the ones with the wrong symbols on my reports are all old closed accounts.