I remember that your score is harmed if you have active account with a finance company although the account is perfect. Exactly how is your score effected?
I would like to know the answer to that one too. I already have 3 that are paid and reported and 1 that is not paid but not reporting yet.
I have 6 that are paid -0- balance...they show as installment loan. I wonder if I should dispute them? They are old or are they helping?
Once I was denied for the MBNA Plat. card and the 3rd reason was "too many finance accounts". I have four paid in full/never late. When I run my FICO on EQ. this is never used as a reason but when MBNA pulled EQ. this reason came up?? Does anyone know how FInance company accounts effect your score??
Killer, This originally post by *Marie*with great info... http://consumers.creditnet.com/stra...hp?s=&postid=72593&highlight=tier+2#post72593 Herman
Thank you Herman. I did several seaches and this thread didn't come up. How were you able to locate it? Do you somehow maintain a list of the threads you find most useful? I am going to start keeping such a list for easy future reference. Thanks again.
================================== Your Welcome! I search Marie's post cross reference with Tier acct. Yes, I keep a list of important threads. Best regards, Herman
Im not positive about this but I think the reason finance companies hurt your credit score is because it tells your prospective lenders that you were not able to qualify for a regular bank loan leading some to believe that your credit isint up to par. As I said this is the only reason I can think of, I've also heard of places like Fingerhut and some sub prime cards being red flags... Thanks
