Need help interpreting account status descriptions

[Anonymous]

MyFico reports state that my score is affected by "consumer finance accounts"? How can i determine what cards these are and should i close them? Also what is the difference between "inactive" and "closed" accounts? Lastly, why do some account state "Open" but in the description it says "closed at consumers request? Are any of these anything to be concerned about?

Here are all my open accounts (note i have a ZERO balance on all accounts):

Open Accounts:

Gemb: 4000 limit, 0 balance

HD/cbsd: 23000 limit, 0 balance

IndyMac Mortgage: $52430 amnt, 0 balance (paid off)

Chase Mrtgage(Home equity line): $50,541 amnt, 0 balance (paid off)

These accounts show status of "Open", but description says "Account closed at consumer's request"

Chase: $25000 limit, $0 balance

Expo: $2000 limit, $0 blanace

These cards are listed with status of "Inactive" instead of "Closed"

Dell Fin Srvc: $5000 limit, 0 balance

Cit Bk/Dfs: $5000, 0 balance

Macy: $500, 0 balance

Toyota: $20000 limit, $0 balance

Chase: $16500 limit, $0 balance

Zales: $1500 limit, $0 balance

Please advise?

thanks much.

Message Edited by Dizz0NY on 07-09-2008 08:59 PM

Message Edited by Dizz0NY on 07-09-2008 09:00 PM


edited to add new thread title. This post was split off from Closing Credit Cards...The Right Way.

Message Edited by haulingthescoreup on 07-10-2008 03:50 AM

[Anonymous]

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Dizz0NY wrote:

MyFico reports state that my score is affected by "consumer finance accounts"? How can i determine what cards these are and should i close them? Also what is the difference between "inactive" and "closed" accounts? Lastly, why do some account state "Open" but in the description it says "closed at consumers request? Are any of these anything to be concerned about?

Here are all my open accounts (note i have a ZERO balance on all accounts):

Open Accounts:

Gemb: 4000 limit, 0 balance

HD/cbsd: 23000 limit, 0 balance

IndyMac Mortgage: $52430 amnt, 0 balance (paid off)

Chase Mrtgage(Home equity line): $50,541 amnt, 0 balance (paid off)

These accounts show status of "Open", but description says "Account closed at consumer's request"

Chase: $25000 limit, $0 balance

Expo: $2000 limit, $0 blanace

These cards are listed with status of "Inactive" instead of "Closed"

Dell Fin Srvc: $5000 limit, 0 balance

Cit Bk/Dfs: $5000, 0 balance

Macy: $500, 0 balance

Toyota: $20000 limit, $0 balance

Chase: $16500 limit, $0 balance

Zales: $1500 limit, $0 balance

Please advise?

thanks much.

Message Edited by Dizz0NY on 07-09-2008 08:59 PM

Message Edited by Dizz0NY on 07-09-2008 09:00 PM


edited to add new thread title. This post was split off from Closing Credit Cards...The Right Way.

Message Edited by haulingthescoreup on 07-10-2008 03:50 AM

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Consumer Finance Accounts are normally any accounts from a company with "finance or financial" in their name. CitiFinancial is one that comes to mind.

Closing these accounts will not remove their presence and IMO, in the long run the benefits you get from having a positive account outweighs any ding your score may recieve from having a CFL. I have several on my report.

Accounts listed as "open" but under description says "closed", I would check my reports directly from the CRA to see how they are listed.

Accounts that are listed as inactive, I do not have experience with. However, I believe if you don't use your accounts for so long they go inactive. Maybe someone else will chime in on that.

[Anonymous]

I had one account on my CR that was listed as inactive.  It was an old Discover CC from 1987 that I hadn't closed when I moved out of the country.  (In hindsight, thank goodness I left it alone.)  It hadn't been used in 20 years.  I called Discover and they changed the status to Open.  I just started using it again 2 weeks ago.

It's my oldest TL, so I'm making sure it doesn't go anywhere.

Message Edited by Phoenix-rising on 07-11-2008 06:31 AM

[lukeskywalker7]

this may be off the subject, but I just closed two credit cards that charge a annual fee of $75.00.  No way I am going to pay that again, so I closed them.

Did I do ok?

[Anonymous]

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@lukeskywalker7 wrote:

this may be off the subject, but I just closed two credit cards that charge a annual fee of $75.00. No way I am going to pay that again, so I closed them.

Did I do ok?

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Yes. Only thing you lost was CL for UTL. You can adjust spending to keep UTL down and have no loss affect.

[Anonymous]

Dell might be the CFL. My guess is that Inactive would be a LOC or Credit Card that has not had any activity in 6-12 months. Not sure exactly how long it is to get that indication. Some Retail CCs mark inactive when ever you have a $0 bal. Best Buy did that to me in the past when ever I PIF'd their CC.

Message Edited by ilovepizza on 07-12-2008 10:04 PM