@Anonymous wrote:
My mortgage scores were Ex-709, Eq-695, Tu-667. One of the consistent negative "score factors" across all three accounts was "You have a consumer finance account on your credit report." I've learned that sub-prime lenders like OneMain Financial can actually hurt your score. I had three loans over the previous four years on the report and none of them had any derrogitories. So I wrote an email to the CEO explaining my situation and noting how the consumer finance loan was hurting my ability to get a better deal on a mortgage. Well, turns out that somebody from the executive office cared and called me back! They offered to remove two of the accounts from my record, leaving one. I figured that this would actually increase my average age of accounts AND eliminate 2/3 of my "consumer finance" loans. Score! Well, at least I thought so. The changes were made and new scores are in:
Ex-708 (-1)
Eq-688 (-7)
Tu-670 (+3)
I was hoping to get my middle score to 700 to help out with mortgage rates. Oh well. Live and learn. I ended up getting approved for an FHA at 2.5% or conventional at 3.25%, which is pretty good in my book. Went FHA and I'm very happy with that 2.5%. Just thought I'd share my experience on the score changes from removing some accounts. The only thing that I could factor is that losing two accounts with a perfect payment record hurt, as I do have several 30-day late payements on the books from 2013-2017.
Sorry you had a score drop but at least you still got approved for your mortgage!
I like to refer to CFA as the myFICO molehill, yes it shows up on the negative reason code list; however, it ranks below inquiries which are very few points. Some people seem to think that CFA are really bad for your scores but in reality they are likely only "costing" a point or two.
