Can someone please explain Equifax's little status codes? I've seen: R1 I1 I0 R9 05 R5 I5 What the heck does it all mean? Thanks, L
R = Revolving I = Installment O = Open The number is a rating of the account with 1 being the best and 9 being the worst.
An example of an "R" account is a credit card. An example of "I" account is a car loan. But what is an example of an Open account? On my CR it's a charged off utility. What is an example of an Open account in good standing? A LOC?
My 05 account is an old collection account. But what is the I0? Is that Installment with no status since the numbers run from 1 to 9?
LOL..both of my IO's are with the same company and both are so old I don't even remember what they are. I would think they weren't mine at all except they have part of my ssn in the acct no., so they probably are. They aren't hurting anything right now, so I'll let them be. L
What if the current status is listed as I1, but under previous payment history late payments are reported and previous status says 10/99-I2; 08/99-I2; 06/99-I2 ? Is this considered a derog, and do scores suffer as a result? It's a paid and closed auto loan.
Speaking of Revovling/Installment/Open, has any seen their score increase by adding a standard Amex card which would report as Open. It should improve your credit mix and therefore increase your score. Just curious.
Thanks for your reply Breeze. It is not on my list of reason codes. I have had "lack of recent installment...." but never "insufficent credit mix" or "lack of open account" type of reason codes. I was just curious. And your right, I wouldn't bother doing it unless it does show up. My score is high enough. I am working on aging my accounts and am looking to open as few card accounts as possible.
breeze-- I've actually never received my scores, just the reports, so I don't know if it's under reason codes or not. The late pays and past I2 status are simply listed in part of the tradeline under "previous payment history." I've assumed it was a derog account, and I keep disputing this account with the CRAs, should I just leave it? Thanks!
I have a collection that I paid back in 1999 for $200 just show up on EQ within the last two weeks. Why all of a sudden do they report this?DLA is 6/1999 reported 6/01?? It was paid in full (1999) and never reported to any of the CRAs. They (EQ) called it a collection and have it as an I5 with my other positive accounts. It is not listed with my two other 1996 paid collections. My score on EQ (Beacon) has improved 25 points in the past few months even though this now shows. I checked it yesterday. My ratios are about the same and I have 3 new CC accounts showing now with 0 balances. Can I assume since this is over 2 years old (DLA 6/99) its not impacting me that much??
