I had a credit card and lost it. then I got another and yes, lost the sucker again. No charges were incurred so nothing lost. Now on my credit report I have 3 accounts for providian- one current/never late over 10 months and 2 listed as credit card lost or stolen. Do those lost/stolen cards have an affect on my credit score? Also, I noticed my ford lease update this month and correctly applied the $500 payment we made. My score did not move an inch. Does paying an installment loan like a car lease down affect the score and at what point would it. I know revolving credit is affect at certain % levels. thanks
On your second question, I have found that paying down installment debt does not affect my score at all. Last year, an $11,000 payment on a car loan did not even get me one point. It has been explained to me that installment debt such as cars does not affect your score as much as credit card debt because, if you get into financial trouble, you are most likely to pay your car and house payment, while letting your credit card debt get behind. This leads to the conclusion that credit card debt is a better indicator of how well you will pay back your debt when things are tough. So, credit card accounts are weighed more heavily.
I think it might have some effect but not much. I heard that if creditors see this often they get suspicious that you might be losing cards to get out of paying for something. I disputed my lost card account with Providian and it got deleted pretty easy. I don't remember what the score change was but I was also disputing many other things. Kim
So two people have the exact same reports except one has no CC activity? So how or why is the one without CC activity a greater risk than the one with CC activity? Isn't the truth of the matter the one with no CC activity is actually a lesser risk than the one who has CC Activity?? F.I.C.O. is a deceptive trade practice in that it paints black as white and white as black! More proof of the FICO FLIMFLAM!
