Recently I applied to have my mortgage refinanced. Mortgage broker used equifax to obtain my credit score. I received a very good credit score along with two reasons why my score was not as high as possible. The first reasons was "too many consumer finance accounts." So, I checked my credit report to see why that would be. I have the following on my credit report: Credit Cards: Open Accounts:1 Cosed Accounts(last activities typically 9 years ago): 11 Finance Accounts: (Cbusasears & Gemb Mervyn's) Open Accounts: 0 Cosed Accounts: 2 Additionally, I have two paid off student loans from Sallie Mae, one mortgage and one line of credit from US Bank. That is it, nothing else on my credit report. I thought only charge cards from department stores like Sears or Mervyn's were considered finance accounts. I had 2 in the past, one of which doesn't even have a last reported activity date. I think it was closed back in 1999(?). Is it reasonable to assume that the two closed department store charge cards are triggering the "reason"? Is there a way to find out how Equifax generated the reason "too many consumer finance accounts?"
They have to put two reasons. A lot of times if you have a good score the negative isn't really so negative. It's just the best fit to the list they have to select from. If your score is good and you got the mortgage, I won't worry about it.
