On my Equifax report, I just noticed that 2 of my accounts (in good standing and never late) have a numerical designation under the TERMS column. The ONLY other account with a number in the TERMS column is my charged off account. What are these terms? Is that my percentage rate (it does come close to that number on 2 of them but not exact and way off on the C/O)...why would they report my APR? and if that IS what that number is, then why don't ALL my accounts report the APR? Why is it only 3 of them have numbers under TERMS, out of the 22 accounts listed on Equifax? How might this effect FICO and if it does not, than WHY REPORT IT? Also what is a STATUS 01? Isn't that "too new to rate"? I have that listed on an account in good standing since 1994...How would that be too new to rate? Thanks. -Peace, Dave
Terms is the minimum payment the current month (the month being reported). 01 I'm not sure - would have to look - where is it?
Thanks Breeze & LKH. Wonder why only these accounts have the TERMS. The 01 is in the STATUS column...all R1's except my charge off I9 and this 01 under my cell phone account. Where do you look...online at www.Equifax.com? I looked and found nada. -Peace, Dave
I dunno - just looked at mine from Equifax site, it doesn't have the status codes. Maybe it's because of the type of account that is - cell phones (all utility type accounts) are open accounts.
The status O1 refers to an "open acount", which means entire balance due each month, i.e. American Express green card.
Thanks for the info, Mind! Is there a place to view all the codes and designations on the EQ report? I checked www.Equifax.com and found nothing...also EQ does not send information with my report concerning the codes. -Peace, Dave
Whenever you order your equifax report, it comes with a sample report included, and on that sample report it lists what status means what, (R1,I2,O3,) etc, you won't get this sample report with just an update equifax report. I'm not sure of any place online that gives this info, however whatever questions you have, I'd be happy to answer. Here's just a quick rundown of status codes only: O=open (entire balance due each month) R=revolving (payment varies) I=installment(fixed payments) R1(or O or I for that matter)=paid as agreed R2=30+ days late R3=60+ days late R4=90+ days late R5=pays or paid 120+ days late/or collection acc. R7=arrangement made between u and creditor R8=repo R9=charge off From what I've heard, an R7 is just as bad as an R9 to future creditors (not that anything other than an R1 is good anyway), however R7 usually means you couldn't pay the normal min. due, so the creditor settled for less, and future creditors will look at this as you being unable to handle credit.
Mind, I didn't have my original Equifax report to look at, that is why I could not find the answer...I am travelling and brought my latest response from them with me but not my HUGE pack of credit stuff which contains the original report. I guess they wanted to save a bit of paper and weight mailing the dispute results out although it is kinda confusing. Thanks again for the help...Happy New Years Eve be safe and happy tonight. -Peace, Dave
