LACK of recent consumer finance company negative reason code on EQ BCE8?

6 months ago

Wed Mar 20, 2024 6:41 pm

Beefy

Seasoned Rebel

Level3 Last INQTuesday, May 28, 2024 Gardening For3 months, 10 days, 20 hours, and 45 minutes Next Level in20 days, 3 hours, and 15 minutes on September 28th INQ 1yr onWednesday, May 28, 2025 INQ 1yr in8 months, 20 days, 3 hours, and 15 minutes INQ 2yr onThursday, May 28, 2026 INQ 2yr in1 year, 8 months, 20 days, 3 hours, and 15 minutes Goal12 months Goal DateWednesday, May 28, 2025 Goal In8 months, 20 days, 3 hours, and 15 minutes

Didn’t Cassie post something about Experian spinning off CFA loans into their own category recently? I remember commenting on it but not what it said… My report still has CFA as a negative statement.

6 months ago

Thu Mar 21, 2024 1:08 am

BrutalBodyShots

Senior AdministratorGoodwill Saturation Technique Author

BrutalBodyShots has been gardening for over 2 years.
BrutalBodyShots has achieved the Garden Goal !!

Level27 Last INQMonday, May 23, 2022 Gardening For2 years, 3 months, 15 days, 20 hours, and 45 minutes Next Level in15 days, 3 hours, and 15 minutes on September 23rd INQ 1yr onTuesday, May 23, 2023 INQ 1yr reached1 year, 3 months, 15 days, 20 hours, and 45 minutes ago INQ 2yr onThursday, May 23, 2024 INQ 2yr reached3 months, 15 days, 20 hours, and 45 minutes ago Goal24 months Goal DateThursday, May 23, 2024 Goal Achieved3 months, 15 days, 20 hours, and 45 minutes ago

Have you ever seen a negative reason code for lack of a CFA though? That's something completely new to me. And it's not like BCE8 is a new model or anything. I've been tracking this score through my Citi account for 7 years and haven't ever seen this code (and I've had a slot available for it to be displayed for some time now).

TU8 799/EX8 786/EQ8 805 EQ5 770/EX2 757 8/18/2023

6 months ago

Thu Mar 21, 2024 2:57 am

Saeren

Rebel Administrator

Recent HP or new account.

Level0 Last INQFriday, August 23, 2024 Gardening For15 days, 20 hours, and 45 minutes Next Level in15 days, 3 hours, and 15 minutes on September 23rd INQ 1yr onSaturday, August 23, 2025 INQ 1yr in11 months, 15 days, 3 hours, and 15 minutes INQ 2yr onSunday, August 23, 2026 INQ 2yr in1 year, 11 months, 15 days, 3 hours, and 15 minutes Goal6 months Goal DateSunday, February 23, 2025 Goal In5 months, 15 days, 3 hours, and 15 minutes

That's a wild one... lol. Never heard of the lack of one being a negative before!

6 months ago

Thu Mar 21, 2024 11:37 pm

BrutalBodyShots

Senior AdministratorGoodwill Saturation Technique Author

BrutalBodyShots has been gardening for over 2 years.
BrutalBodyShots has achieved the Garden Goal !!

Level27 Last INQMonday, May 23, 2022 Gardening For2 years, 3 months, 15 days, 20 hours, and 45 minutes Next Level in15 days, 3 hours, and 15 minutes on September 23rd INQ 1yr onTuesday, May 23, 2023 INQ 1yr reached1 year, 3 months, 15 days, 20 hours, and 45 minutes ago INQ 2yr onThursday, May 23, 2024 INQ 2yr reached3 months, 15 days, 20 hours, and 45 minutes ago Goal24 months Goal DateThursday, May 23, 2024 Goal Achieved3 months, 15 days, 20 hours, and 45 minutes ago

Saeren wrote: ↑Thu Mar 21, 2024 2:57 am That's a wild one... lol. Never heard of the lack of one being a negative before!

That's what I'm saying! I feel like it's a fluke/error or something. My profile has been extremely stable, so if this negative reason code is present now it should have been last month, last year, etc. I've never once seen it before.

TU8 799/EX8 786/EQ8 805 EQ5 770/EX2 757 8/18/2023

6 months ago

Fri Mar 22, 2024 2:41 am

Saeren

Rebel Administrator

Recent HP or new account.

Level0 Last INQFriday, August 23, 2024 Gardening For15 days, 20 hours, and 45 minutes Next Level in15 days, 3 hours, and 15 minutes on September 23rd INQ 1yr onSaturday, August 23, 2025 INQ 1yr in11 months, 15 days, 3 hours, and 15 minutes INQ 2yr onSunday, August 23, 2026 INQ 2yr in1 year, 11 months, 15 days, 3 hours, and 15 minutes Goal6 months Goal DateSunday, February 23, 2025 Goal In5 months, 15 days, 3 hours, and 15 minutes

BrutalBodyShots wrote: ↑Thu Mar 21, 2024 11:37 pm
Saeren wrote: ↑Thu Mar 21, 2024 2:57 am That's a wild one... lol. Never heard of the lack of one being a negative before!
That's what I'm saying! I feel like it's a fluke/error or something. My profile has been extremely stable, so if this negative reason code is present now it should have been last month, last year, etc. I've never once seen it before.

It's crazy if it's an error because that's an incredibly specific statement with the reason code. But if it's not an error it's even crazier because that would mean BCE8 likes alternative loans while the regular FICOs do not.

6 months ago

Fri Mar 22, 2024 10:48 am

Beefy

Seasoned Rebel

Level3 Last INQTuesday, May 28, 2024 Gardening For3 months, 10 days, 20 hours, and 45 minutes Next Level in20 days, 3 hours, and 15 minutes on September 28th INQ 1yr onWednesday, May 28, 2025 INQ 1yr in8 months, 20 days, 3 hours, and 15 minutes INQ 2yr onThursday, May 28, 2026 INQ 2yr in1 year, 8 months, 20 days, 3 hours, and 15 minutes Goal12 months Goal DateWednesday, May 28, 2025 Goal In8 months, 20 days, 3 hours, and 15 minutes

BrutalBodyShots wrote: ↑Thu Mar 21, 2024 1:08 am Have you ever seen a negative reason code for lack of a CFA though? That's something completely new to me. And it's not like BCE8 is a new model or anything. I've been tracking this score through my Citi account for 7 years and haven't ever seen this code (and I've had a slot available for it to be displayed for some time now).

Never.

6 months ago

Sat Mar 23, 2024 2:27 am

BrutalBodyShots

Senior AdministratorGoodwill Saturation Technique Author

BrutalBodyShots has been gardening for over 2 years.
BrutalBodyShots has achieved the Garden Goal !!

Level27 Last INQMonday, May 23, 2022 Gardening For2 years, 3 months, 15 days, 20 hours, and 45 minutes Next Level in15 days, 3 hours, and 15 minutes on September 23rd INQ 1yr onTuesday, May 23, 2023 INQ 1yr reached1 year, 3 months, 15 days, 20 hours, and 45 minutes ago INQ 2yr onThursday, May 23, 2024 INQ 2yr reached3 months, 15 days, 20 hours, and 45 minutes ago Goal24 months Goal DateThursday, May 23, 2024 Goal Achieved3 months, 15 days, 20 hours, and 45 minutes ago

Beefy wrote: ↑Fri Mar 22, 2024 10:48 am Never.

Any thoughts as to why this would suddenly pop up? I'd also like to add that my score didn't change at all with this code being displayed.

6 months ago

Sat Mar 23, 2024 10:15 am

Cassie

DeveloperLoves long talks on the beach

Cassie has been gardening for over 2 years.

Level54 Last INQFriday, February 14, 2020 Gardening For4 years, 6 months, 24 days, 20 hours, and 45 minutes Next Level in6 days, 3 hours, and 15 minutes on September 14th INQ 1yr onSunday, February 14, 2021 INQ 1yr reached3 years, 6 months, 24 days, 20 hours, and 45 minutes ago INQ 2yr onMonday, February 14, 2022 INQ 2yr reached2 years, 6 months, 24 days, 20 hours, and 45 minutes ago

BrutalBodyShots wrote: ↑Sat Mar 23, 2024 2:27 am
Beefy wrote: ↑Fri Mar 22, 2024 10:48 am Never.
Any thoughts as to why this would suddenly pop up? I'd also like to add that my score didn't change at all with this code being displayed.

Was there ever a CFA account on file? I'm just wondering if there was one and it was paid off a long time ago. Or maybe an existing loan account - open or closed - was recently misidentified as a CFA due to changes in a lender's METRO2 reporting. FICO makes it very clear that the mere presence of a CFA indicates higher risk, so any interpretation of this reason statement shouldn't contradict that.

6 months ago

Sat Mar 23, 2024 10:51 am

BrutalBodyShots

Senior AdministratorGoodwill Saturation Technique Author

BrutalBodyShots has been gardening for over 2 years.
BrutalBodyShots has achieved the Garden Goal !!

Level27 Last INQMonday, May 23, 2022 Gardening For2 years, 3 months, 15 days, 20 hours, and 45 minutes Next Level in15 days, 3 hours, and 15 minutes on September 23rd INQ 1yr onTuesday, May 23, 2023 INQ 1yr reached1 year, 3 months, 15 days, 20 hours, and 45 minutes ago INQ 2yr onThursday, May 23, 2024 INQ 2yr reached3 months, 15 days, 20 hours, and 45 minutes ago Goal24 months Goal DateThursday, May 23, 2024 Goal Achieved3 months, 15 days, 20 hours, and 45 minutes ago

Cassie wrote: ↑Sat Mar 23, 2024 10:15 am FICO makes it very clear that the mere presence of a CFA indicates higher risk, so any interpretation of this reason statement shouldn't contradict that.

I agree, so why the word "lack" you know? I've never had a CFA on file. I've got 3 closed auto loans, one coded as auto and 2 as auto lease. One closed conventional mortgage. One open mortgage, one open HELOC. I see no changes at all on any of the accounts / none show any updates.

6 months ago

Sat Mar 23, 2024 11:46 am

EvenBetterThanTheRealThing

Seasoned Rebel

Level4 Last INQFriday, April 12, 2024 Gardening For4 months, 26 days, 20 hours, and 45 minutes Next Level in4 days, 3 hours, and 15 minutes on September 12th INQ 1yr onSaturday, April 12, 2025 INQ 1yr in7 months, 4 days, 3 hours, and 15 minutes INQ 2yr onSunday, April 12, 2026 INQ 2yr in1 year, 7 months, 4 days, 3 hours, and 15 minutes Goal12 months Goal DateSaturday, April 12, 2025 Goal In7 months, 4 days, 3 hours, and 15 minutes

BrutalBodyShots wrote: ↑Sat Mar 23, 2024 10:51 am
Cassie wrote: ↑Sat Mar 23, 2024 10:15 am FICO makes it very clear that the mere presence of a CFA indicates higher risk, so any interpretation of this reason statement shouldn't contradict that.
I agree, so why the word "lack" you know? I've never had a CFA on file. I've got 3 closed auto loans, one coded as auto and 2 as auto lease. One closed conventional mortgage. One open mortgage, one open HELOC. I see no changes at all on any of the accounts / none show any updates.

I think it's poor choice of verbiage to use "lack", but what if a majority of consumers have a CFA and the lack thereof is then a positive reason code. I'm just speculating, I don't have any data to back this up.

6 months ago

Sat Mar 23, 2024 1:08 pm

Beefy

Seasoned Rebel

Level3 Last INQTuesday, May 28, 2024 Gardening For3 months, 10 days, 20 hours, and 45 minutes Next Level in20 days, 3 hours, and 15 minutes on September 28th INQ 1yr onWednesday, May 28, 2025 INQ 1yr in8 months, 20 days, 3 hours, and 15 minutes INQ 2yr onThursday, May 28, 2026 INQ 2yr in1 year, 8 months, 20 days, 3 hours, and 15 minutes Goal12 months Goal DateWednesday, May 28, 2025 Goal In8 months, 20 days, 3 hours, and 15 minutes

EvenBetterThanTheRealThing wrote: ↑Sat Mar 23, 2024 11:46 am
BrutalBodyShots wrote: ↑Sat Mar 23, 2024 10:51 am
Cassie wrote: ↑Sat Mar 23, 2024 10:15 am FICO makes it very clear that the mere presence of a CFA indicates higher risk, so any interpretation of this reason statement shouldn't contradict that.
I agree, so why the word "lack" you know? I've never had a CFA on file. I've got 3 closed auto loans, one coded as auto and 2 as auto lease. One closed conventional mortgage. One open mortgage, one open HELOC. I see no changes at all on any of the accounts / none show any updates.
I think it's poor choice of verbiage to use "lack", but what if a majority of consumers have a CFA and the lack thereof is then a positive reason code. I'm just speculating, I don't have any data to back this up.

It could be read that way, but begs the question why wasn’t it on there before? Definitely a weird one.

6 months ago

Sat Mar 23, 2024 2:52 pm

Cassie

DeveloperLoves long talks on the beach

Cassie has been gardening for over 2 years.

Level54 Last INQFriday, February 14, 2020 Gardening For4 years, 6 months, 24 days, 20 hours, and 45 minutes Next Level in6 days, 3 hours, and 15 minutes on September 14th INQ 1yr onSunday, February 14, 2021 INQ 1yr reached3 years, 6 months, 24 days, 20 hours, and 45 minutes ago INQ 2yr onMonday, February 14, 2022 INQ 2yr reached2 years, 6 months, 24 days, 20 hours, and 45 minutes ago

FICO gave lenders some additional information to explain it to their customers: "Keep this in mind Consumer finance companies typically grant loans to people with poor credit histories. You should try to stay current with all of your payments and avoid opening any new credit accounts that you don't need." That really doesn't help us explain why a 'lack of CFA' is a negative. This came up over at MF and we never resolved it over there either. Definitely needs to be asked at the next FICO AMA.

6 months ago

Sat Mar 23, 2024 2:59 pm

Cassie

DeveloperLoves long talks on the beach

Cassie has been gardening for over 2 years.

Level54 Last INQFriday, February 14, 2020 Gardening For4 years, 6 months, 24 days, 20 hours, and 45 minutes Next Level in6 days, 3 hours, and 15 minutes on September 14th INQ 1yr onSunday, February 14, 2021 INQ 1yr reached3 years, 6 months, 24 days, 20 hours, and 45 minutes ago INQ 2yr onMonday, February 14, 2022 INQ 2yr reached2 years, 6 months, 24 days, 20 hours, and 45 minutes ago

EvenBetterThanTheRealThing wrote: ↑Sat Mar 23, 2024 11:46 am I think it's poor choice of verbiage to use "lack", but what if a majority of consumers have a CFA and the lack thereof is then a positive reason code. I'm just speculating, I don't have any data to back this up.

The profile data set used for the score models doesn't update from the initial timeframe. For the FICO 8 models, this was a 2-year window starting in 2005 or 2006, depending on the CRA version. So there won't be any new consumer behavior considered, since it's already hardcoded from those years.

6 months ago

Sun Mar 24, 2024 3:42 am

Dinosaur

Seasoned RebelDinosaur

Level4 Last INQMonday, April 8, 2024 Gardening For4 months, 30 days, 20 hours, and 45 minutes Next Level in3 hours and 15 minutes on September 8th INQ 1yr onTuesday, April 8, 2025 INQ 1yr in7 months, 3 hours, and 15 minutes INQ 2yr onWednesday, April 8, 2026 INQ 2yr in1 year, 7 months, 3 hours, and 15 minutes Goal24 months Goal DateWednesday, April 8, 2026 Goal In1 year, 7 months, 3 hours, and 15 minutes

In the past I remember talk about negative CFA credit affects.

Reviewing your comments brings me back to Citi Bank's One Main. Took a small loan with them and had no idea it would do the negative CFA thing?