Amy, I applied for Sears (denied, denied and denied yet again...lol), Amex (and another denial), DMB (denied), and Best Buy (approved). L
As a loan officer and from personal reports, when i see a full tri-merged report for mortgage purposes, the report lists whether the account is issued by as a "bank" line, "finance" line, "mortgage" line, etc. Bestbuy is considered a "retail" line issued by a "national bank" not a finance company. Many companies have "bank" depts. and finance depts. Like GE. Although the parent company is the same, the types of credit issued are not, and are not reported/seen the same way.
Hi Marc Question for the loan officer......... my mortgage is reporting as "installment loan" with "real estate mortgage" in the notes section. I left a message for someone with my mortgage co. but wondered if I should pursue it since I want to refi in Jan. and didn't know if it mattered anyway. The credit dept. with RNB asked me about it. Are you a mortgage loan officer? If I am an authorized user on someones acct., my mortgage co. won't see that as more debt for me will they? And... have you seen that as actually helping someones score? Mom added me on her sears and my experian score shot up. I was pretty excited. I want my score of course, as high as possible before refi.
I was just curious how "charged up" your other cards were when you got it.... I applied for the GM Card and got denied for "cards being too high to limit" ...at the time I was 85% and now I'm under 50% I think.
THAT IS WHAT IT IS---->installment loan~real estate mortgage I don't understand what the problem is...
On Equifax I'm sitting at a kewl 79% utilization (because of all those CapOne accounts and my Citi account!!!!). Unfortunately, Experian has me at 99% utilization! Yikes!!!! Wonder what happens when you hit 100%...lol. L
I agree George, but that's what the lady at RNB said to me.....when I left a message with the VP of accounting at my mortgage co. she probably thinks I'm nuts. lol (sometimes!!)
I just tried for the Best Buy and Household cards and got denied. I have 706 EQ, the only derog is a few 30 day late on my car loan over a year old. Darn.... I thought I'd get at least Best Buy! Hope bumpage keeps working for me..... Mommy2cats
Well, I was feeling a BIT rejected on that one! I decided to go apply for a GM card before the inquiry hits for the Best Buy/Household decline. After all, you would THINK a 706 score is decent, right? Any way, I DID get the GM Card with a 600 CL! That's fine for me - as I didn't have ANY cards on my report except a Sears as an AU. (Target has not yet reported). It's a start. Maybe Best Buy did not pull EQ like I was expecting - EQ and TU have two derogs the EQ didn't have. (and hopefully CHOD will help with that). So far - it looks like bumpage is proceeding for me as I am losing 2 inquries every day. Since I don't have all that many tradelines - I'm hoping it'll get rid of the Target inquiry. Will know in about 20 days. Then hopefully the Best Buy one will go. Will update Mills as soon as I see the inquries. Mommy2cats
HM, if I may humbly ask.. I have a TL from American General Finance. It's a retail line I picked up taking advantage of Sit n Sleep's 12 months without interest deal. I have a perf payment history and as a result, they've increased my CL to nearly 7k. Which I haven't used and don't plan to (how often do you need to buy a bed). Sooo, is this hurting my score by it's mere presence? TIA
Sorry Amy and Indigo, that it took me so long to answer. I had to give myself a "time out" for yelling at some newbies. Amy- Is this AU account reporting on your credit report? If so, i can be used as a factor in determining the amount of your debt ratios. Like any other tradeline, it can positively or negatively effect your scores and debt ratio. I would suggest paying it off before you refi in order to improve your scores and/or not affect your debt utilization, etc. Indigo-if it is already on your report and it has some seasoning with good payment history, it is probably helping your score at this point. However, you might want explain to your lender that this finance loan was for furniture several years ago and at the time, you didn't realize finance loans were looked down upon by lenders. Most lenders will not focus on this tradeline, but with any report, it helps to explain any "questionable" tradelines, before they ask you. It makes you look like someone who understands their finances and is a low risk to default on their loans.
Applied Sunday for BestBuy and denied. Everyone was saying they pull EQ. Well guess what? They pulled TU which is the worse score I have. I updated millcbs with it.
I have the feeling they might have pulled TU for me, which is my worst report as well. I can't imagine why I'd get declined if they pulled EQ. I'm pulling Worthknowing each day, and of course CreditExpert and CreditWatch. As soon as I find out which one they pulled - I'll update. At least I got the GM card! Mommy2cats
Marc... I am AU on a Sears card with 5800 cl and no balance. Prior to that reporting on my bureaus I had 4 cl totalling about 3165 with a 3050 (yeah I know now.......) and my oldest tl was about 47 mos. So, now I have one over 60 mos and the overall ratio is down (like 35%ish). EX went up (haven't checked the others) but I'm curious does the score look at overall ratio or is it still looking at each individual card?
Actually, here in eastern PA (around Philly), BestBuy pulls TU (for online apps) and Household pulls EQ. I was turned down for BestBuy because they pulled TU (my lowest score). Household and GM both approved me because they pulled EQ. Since TU is located right here (in Delaware County), does that mean more creditors will pull them since they're so close?
Well, they DID pull EQ. Wonder why I got declined with a 706? Guess I'll find out when I get their reasons for decline letter..... Mommy2cats
Thanks Marc. I appreciate your answer and it sounds like a good plan. Funny, I always thought interest rate aside, that a credit account was a credit account, not so. At another time one CRA listed one of the reasons for my score "the presence of installment loans is lowering your score". Since they are fixed, they view these as possibly making it more difficult for the consumer to meet other obligations. I guess they see it this way, the consumer can pay the minimum if they're having a difficult time as opposed to paying off every month. Unlike an installment loan. and the beat goes on. Thanks again Indi
