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THD/CBNA cc's are being mislabled by EQUIFAX! Is Citi Bank of North America a bad credit personal finance company!???? "CITI idenitity monitor"" credit score website, ran by citi, claims THD/CBNA credit card, is a personal finance company and hurt's score due to personal finance companie's being generaly for those with bad credit! The Home Depot credit card is a citi bank card! Could they have "CBNA" confused with another company? it's listed THD/CBNA !

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louk said:   THD/CBNA cc's are being mislabled by EQUIFAX! Is Citi Bank of North America a bad credit personal finance company!???? "CITI idenitity monitor"" credit score website, ran by citi, claims THD/CBNA credit card, is a personal finance company and hurt's score due to personal finance companie's being generaly for those with bad credit! The Home Depot credit card is a citi bank card! Could they have "CBNA" confused with another company? it's listed THD/CBNA !

Get a copy of your actual Equifax credit report from annualcreditreport.com and see if it lists the account correctly. Citi's credit monitoring service may be mislabeling it.

Label is correct. Citibank handles The Home Depot cards, but they are store cards, separate from their regular credit card operations. The credit requirements are MUCH lower than for a regular Citibank card.

THD can't even be considered an affiliate card (which have the same minimum credit requirements as Citibank branded cards). You can't transfer/combine THD card limits with other Citibank cards.

If there's a maximum credit limit that Citibank will issue to a cardholder (spread over several cards), Citibank won't count the THD card limit towards that limit.

Source: personal experience with THD and Citibank credit cards.

From EQ
Individual Account: Revolving
THE H0ME DEPOT/CBSD
Ccs  Gray Ops Center
P0Box6497
Sioux Falls, SD-571176497 (800) 677-0232

Retail cards are not supposed to be a negative factor as used by the Fico scoring model. As mentioned above, check a real Fico credit report to see if there is a "consumer finance" account being reported.

Payday loans, furniture store financing (no interest for X months), and many personal loans (offered by companies often named Xxx Finance or Xxx Financial or similar) are the types of accounts that are normally included in the "consumer finance" category. Home Depot, Lowes, Macys, etc. are not.

That said, there are a few people in the Myfico forums complaining about Home Depot cards being incorrectly categorized as personal/consumer finance. It could be the Identity Monitor service is wrongly categorizing those accounts, or it could be that CitiBank is incorrectly coding those accounts when reporting to the CRAs. Pretty serious error if it's the latter.

Regardless, the credit score ding for having a consumer finance account is fairly trivial ...

Revike said:   Payday loans, furniture store financing (no interest for X months), and many personal loans (offered by companies often named Xxx Finance or Xxx Financial or similar) are the types of accounts that are normally included in the "consumer finance" category. Home Depot, Lowes, Macys, etc. are not.

Furniture store financing is considered bad on a credit report? I had no idea. I wouldn't have suspected, and given the choice of paying a few grand out of pocket, or $50 a month for the next 4 years at 0%, I would have taken the 0% without knowing this. Any idea just HOW bad it is?

I used my Home Depot credit card for the first time in over a year due to Hurricane Isaac repairs, less than $400 charged and my fico score dropped a full 10 points,
743 to 733, just like that. Doesn't seem to make any sense to me? NOT HAPPY.

sheilalairene said:   I used my Home Depot credit card for the first time in over a year due to Hurricane Isaac repairs, less than $400 charged and my fico score dropped a full 10 points,
743 to 733, just like that. Doesn't seem to make any sense to me? NOT HAPPY.

uh, what's the limit on the card? if $2k or less, then i would not be surprised, especially if yours is a thin file.

how many other cards you got?

no other changes of any kind?

sheilalairene said:   ...my fico score dropped a full 10 points, 743 to 733...Meaningless. Check your credit report from time to time to make sure there are no errors, pay your bills on time, and the rest will take care of itself.

It's not meaningless if you're in the process of a home re-finance, trust me. The limit is 5K, and I have other credit cards but it's this one that caused the fico alert. I'm looking into to how it was listed.
No other changes, and I have 4 other credit cards.

sheilalairene said:   It's not meaningless if you're in the process of a home re-finance, trust me. The limit is 5K, and I have other credit cards but it's this one that caused the fico alert. I'm looking into to how it was listed.
No other changes, and I have 4 other credit cards.


What is your total credit line. I've noticed if your % utilization is above a certain threshold, your score will dip.

sheilalairene said:   It's not meaningless if you're in the process of a home re-finance, trust me. The limit is 5K, and I have other credit cards but it's this one that caused the fico alert. I'm looking into to how it was listed.
No other changes, and I have 4 other credit cards.


10 points on FICO is meaningless. It can shift that much because the wind blew today. There are so many variables that can move your score that you can't even be sure that the movement was based on the account. It could be something from last year crossing an "age" threshold have have nothing to do with what you think it does.

If you have a good FICO score things like this affect you much less than if you have a lower score. If you have a lot of credit in good standing one "personal Finance" code isn't going to move your score much. If you have very little credit then it will affect you more. If your score is fairly low then having that sort of account in good standing may RAISE your score.

In general the account being in good standing is more important than how its coded.



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