I remember a few months ago Marie and someone else posted some information about credit tiers. I cannot find anything like that on my tri-merge report. Does anyone know where that is listed? Is it always on cr's, or tri-merge's? Anyone have any info about tiering at all? Just curious!
Had something to do with the "KIND" of company it is...like a "FINANCE COMPANY" or like CCB or PROVIDIAN compared to CITIBANK or AMEX. PRIME vs SUB-PRIME...
Maybe it is credit tears that was mentioned. Y'know, that look you get when you're denied credit or a long removed chargeoff mysteriously reappears on your report.
LOL! I know about those! I get that look every time I use my debit card. Always afraid I forgot to subtract something out! GEORGE - You are correct. I just wondered where they were on the cr, and if anyone else had any info about them.
Do a search using the term "credit rescoring". I do believe it was Marie. The post was from last summer as I recall.
Hi. The basic idea is this: deposit banks give you more bang for the trade line. Bank of America, Chase, Citibank etc are better than second tier banks like Providian are better than Finance companies (like Household Finance, even Citi Financial). I actually spoke with Fair Isaac at length (regarding lawsuit so confidential) but I can say this: I was directly told that it matters less for revolving accounts than for installment accounts. His advice is to completely stay away from 90 day financing (including that given by Household, CitiFinancial etc). That those types of installment accounts actually hurt your score. that's it in a nutshell.
Oh, as an aside. I did get direct confirmation that revolving ratios are KEY DRIVERS in the score. Why? because people in financial difficulties normally pay their car and mortgage (installment accounts) but they'll let their revolving balances increase, and let the payments get a bit late before they'll let go of the house or car. So, the revolving experiences are counted very heavily in the formula as a predictor for defaults (which is what the fico is). so those ratios issues we're having with the bureaus may be dragging us down more than we thought.
Thanks, keepmine and Marie. Marie, do you know if all cr's contain tiering info? And if it is on a report, where are the little numbers?
I thought in this discussion last summer, both Marie and the other person (forgot who it was, don't have time to look right now) saw the numbers on their reports and were discussing why some accounts were tiered as they were.
