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Discussion in 'Credit Talk' started by myong, Apr 16, 2001.
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Yes, they do report monthly as you pay. For instance if you pay last each monthly that's how it's reported to the CRA monthly. It would effect you Fico just like any other negative account you may have.
Shelia. Thanks for responding.
When you say "Just like any other negative account you may have". What exactly do you mean? I just got cell phone service with them a couple of months ago, and the account is paid on time. Are you saying that this type of account is considered a negative according to fico?
No, Sorry for the miscommunication.
If it's positive it will help your score if it's negative it will hurt your score.
Shelia. Thanks for clearing that up. I was pretty much trying to find out what type of account this would be considered as IE: Revolving, Installment, Etc.
I have 4 major credit cards, and was trying to get closer to the ideal "fico" mix of credit. I don't have any department store cards, and was wondering if the Verizon cell phone account would be considered that type.
I believe it would be considered revolving but I'm not really positive.
Sorry couldn't be of much help on that question
Thanks Shelia. I appreciate you taking the time to help me out.
if it's like my ATT acct it's revolving.
Thanks for responding Marie.
What is it about a department store card, that is supposed to help out your fico score? Wouldn't that be a revolving account to?
I was thinking that if it isn't a Visa or Mastercard, then it didn't matter what the name of the account is as long as they report to the cra's , and it isn't Visa or Mastercard. Ie: Macy's, verizon, at&t, target, walmart, penny's, spiegel, etc..
Verizon as a credit card (affinity with Chase Manhattan) reports to CRAs. Verizon as a local/long distance phone company does not. Not sure about cellular. My Sprint PCS account is not reported. Most of the utilities are not.
Verizon has my account coded under R1=revolving.They have a 300.00 limit showing on my report.I assume this would be the max i can charge on any given month with them.There is no way that i can charge that much,so that limit dosn't really affect me at all.This may be 1 of the reasons why my FICO score is getting higher.I have a total of 6 credit cards,plus my verizon account.
you're posing some really interesting questions. I really don't know How they know one line is a credit card vs a department store card. I'm guessing it's all in the beginning numbers of the credit cards
Eg: Visa and mastercard have very distinct first 4 numbers.
Target is very different
So are gas cards (fewer numbers, not the standard visa mc amex numbers showing etc).
But this is just my guess. They may have an internal code we don't see.
I was very surprised to find my ATT cellular account reporting on my credit report, actually. It reported once last year when I opened the account. I thought that would be it for reporting. But I noticed this year, in Feb as well, it updated. So once a year updates... and only on one report. Odd. but it's fine. it's a good account.
Hope that helps.
I moved from one Verizon area to another (adjacent state) however I called the new Verizon customer care line to open the account "cold" and didn't tell them I had them at the old place. I also didn't want to ive out my SSN to open the account. They have a provision for that--but you can't open a new account online without giing SSN. So they said to fax copies of 2 IDs (one photo) along with my order number. I did and then got my service up and running. But I noticed that they pulled a hard inquiry on my Equifax!