Can you have too much good credit from a finance company?

Question

I have a credit score of 562, and I am trying to get my credit score up. Besides the things I have no control over.. I have 7 entries from Security Finance, when I was struggling for spendable income. It's all good, but can 7 entries be detrimental to my credit or should I call them and ask them to cut down the number of entries?

Error on my part.. score is 652.. also I found out, I have CapitalOne and they dont put your credit limit on report, so bureaus assume your balance is at 100%...ouch.. getting rid of CapOne

Answer 1

One of the factors that will affect your credit score is whether you have finance companies reporting on your credit file. Even a couple of accounts reporting from finance companies can adversely affect your score, as FICO considers this high risk credit behavior. They see consumers who use finance companies as unable to handle regular types of credit debt, and therefore your score is penalized.

Answer 2

Dealing with credit is kind of tricky...other things are taken into consideration to determine your score besides just payment history...things like what we call debt to income ratio which means basically based on the employment info they have for you how much dispendable credit you have on hand. See with credit you want to have a lot be available to you but only use a bare minimum. As much as you can pay back within 3-6 months, so yes to increase your score more quickly I would see if they could combine a couple of those trade lines or see if you could just pay some of them off.

Answer 3

First, if it's a typical high interest, low balance payday lender type of finance company, creditors look at that loan with jaundiced eyes because it shows that you cannot manage your current expenditures. Credit in and of itself; if timely paid and reported, will not hurt you or your score. It sounds like you are past using that type of finance company now, so your current credit history might be more revealing and may be increasing your score. Take a look at two sites: myfico.com and bankrate.com and search for ways to increase your score. They can give you general ideas since there is not enough info in your question. GOOD LUCK!

Answer 4

If you had a credit issue that has been resolved then you need to contact the company Security Finance and tell them to remove this from your credit report. It will affect your credit score. I had 2 issues where something went to collections and even though they were paid and said no balance due it affected my credit score and I had to call and have it removed in order to fix my credit report.

Answer 5

Yes, I would call them and ask them to remove some entries. Too many inquires into your credit report, especially from the same company will take points off your credit score. Call them and see what they can do.

Answer 6

yeah you can.