nrgins Posted July 21, 2018 Report Share Posted July 21, 2018 I've been monitoring my credit score through Credit Karma for some time, and they focus on revolving credit balance compared to credit limit, number of inquiries, negative marks, etc. Today, I looked at my FICO score (Score 9) through Wells Fargo, which uses Experian. Along with the basic stuff, one of the negative factors they cited was: "Too many consumer finance company accounts." I'd never heard of that before! I'd heard, of course, that revolving balances can affect your score; but I never heard that having too many consumer finance company accounts can affect your score. By "consumer finance company accounts," I assume they mean store credit cards, since I don't have any finance company loans. So that doesn't make sense. Why would having too many store credit cards be a negative, if the balances aren't high? On the other hand, I do have a loan from "Lending Club," and another one from "Marcus Loans" (a subsidiary of Goldman Sachs). Could that be what is meant by "Consumer Finance Company Accounts"? Thanks! Quote Link to comment Share on other sites More sharing options...
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