Credit Score Mortgage Issue [Edited]

dwhiteley5034
dwhiteley5034 Member ✭✭
edited September 3 in Reports (Windows)
The "Credit Card" section of my credit score shown in Quicken is including my mortgage at Chase along with my credit cards, reducing my score to a much lower value than it should be. If you are going to include mortgage, it should be a separate category since it has no reflection on the use of your credit cards.

Best Answers

  • Quicken Anja
    Quicken Anja Moderator mod
    Answer ✓
    Hello All,

    Thank you for taking the time to report this issue to the Community, although we apologize for any frustration or inconvenience experienced.

    This issue has been confirmed internally as a bug and it has been reported to our Development and Product teams for further investigation and resolution. Therefore, this Idea post has been changed into a discussion thread instead.

    Though we do not currently have an ETA, once a solution is created it will be made available as part of a future release.

    Thank you!
    (CTP-3794)
    -Quicken Anja
  • Quicken Anja
    Quicken Anja Moderator mod
    edited August 3 Answer ✓
    Hello again,

    This issue has been reportedly resolved and the ticket has been closed.

    We advise anyone still experiencing this issue to reach out to Equifax for further assistance as our internal investigation also confirmed that this issue is being caused by Equifax (click here for news article reference).

    Thank you!
    -Quicken Anja
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Answers

  • Quicken Anja
    Quicken Anja Moderator mod
    Hello @dwhiteley5034,

    Thank you for taking the time to reach out to the Community with your request.

    I went ahead and changed your post to an Idea so other users who have the same or a similar request can vote on your idea by clicking the up arrow (see below).


    Ideas are also reviewed by our Development and Product teams in order to improve Quicken and implement new features requested by customers.

    Please, be sure to add your own vote as well.

    -Quicken Anja
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Your mortgage may not be a part of your credit cards ... but it's a HUGE part of your overall "credit" and thus your credit score.
    And, it's the credit scoring companies (primarily FICO) that makes this determination.  I doubt that Q can do anything about it.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Pennypincher
    Pennypincher Member ✭✭
    Dear Quicken,

    This is not a feature request. This is a bug in the way that Quicken is now *inaccurately* handling/serving up the credit card information and the credit score vs. how it accurately has been for the past several years.

    For a more detailed explanation of what we are seeing screen by screen, please see: https://community.quicken.com/discussion/comment/20246791#Comment_20246791

    Sincerely,
    A user for 21 years
  • adri
    adri Member
    I concur with comments from @dwhiteley5034, @Pennypincher and @cdburgerjr. This is a new issue, obviously a bug and needs to be addressed. With all the identity theft going, this is a scare that none of us needs.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    NOBODY ever said that it's a "Credit Card Score".  It's a CREDIT SCORE, and your mortgage is most definitely part of your credit.
    Any lender that doesn't include your mortgage in calculating your creditworthiness is just plain foolish.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Pennypincher
    Pennypincher Member ✭✭
    > @NotACPA said:
    > NOBODY ever said that it's a "Credit Card Score".  It's a CREDIT SCORE, and your mortgage is most definitely part of your credit. Any lender that doesn't include your mortgage in calculating your creditworthiness is just plain foolish.

    You are absolutely correct, nobody in this thread ever said or even implied something called a Credit Card Score.

    Beyond that, your comment doesn't make any sense to me.

    We all know that there are different types of consumer debt and that they affect our credit scores in different ways. In fact, here's a primer from Equifax, the agency providing the data to Quicken, on how it sees "credit card debt different from medical bills, a mortgage or a student loan": https://www.equifax.com/personal/education/debt-management/types-of-consumer-debts/

    The issue, that you seem not to be having and therefore cannot help us get Quicken to fix, is that Quicken/Equifax is now erroneously feeding one type of debt (Mortgage) into a category that is clearly titled "Credit Card Usage". And that results in an inaccurate percentage of credit card usage. The new Credit Card Usage, being wildly inflated by the mortgage loan being added in, is well beyond the "credit utilization rate of 30 percent or less across your total revolving accounts" that the credit agency wants to see. (Note: Equifax calls out "revolving accounts," which credit cards are, and mortgages are not.)

    And because of this input error, the calculated VantageScore 3.0 credit score that Quicken is providing is off. WAY off.

    To reiterate, what was said in the original post from early February, this is a new error introduced in a recent update. So, if you haven't had an opportunity to update your credit score in the last 20 days, you may not be affected by this issue yet. Or if you don't have credit cards and a mortgage, you may not have this issue at all. Again, here's a breakdown of what we are seeing on the various screens: https://community.quicken.com/discussion/comment/20246791#Comment_20246791
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    BALDERDASH!
    The complaint is that your mortgage is being included as part of your credit score.
    OF COURSE IT IS!  It's probably the single biggest component of your credit score ... and to ignore such is simply ostrich-like.

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited February 28
    Exactly where are you seeing this.  Because I, just now, clicked "Credit Score" at the bottom my my Account Bar ... and my mortgage is most definitely not being included in the "Credit Card Limits" calculation while the mortgage IS included in the accounts shown in the Accounts Bar.  My mortgage is several times the "Credit Card Limits" figure shown.
    AND, how do you know that this is something that Q is doing ... and not something that Chase or FICO are doing???
    You're wrong about the meaning of credit, and you're wrong about calling it a bug.

    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Do you see the fine print down at the bottom of the dialog?  "See a problem with your credit score?  Contact Equifax".
    NOT A BUG.  Q can do NOTHING about this.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    To clarify, it sounds like it is a bug or an error in Equifax's data, not a Quicken bug. Everything that is displayed on Quicken's Credit Report page came from Equifax.

    Have you compared the report shown in Quicken with a report that you get directly from Equifax? You should be able to get one for free if you have not gotten one in the past year.

    Unfortunately the Contact Equifax link at the bottom of the page is broken.
    QWin Premier subscription
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Once again, regardless of what the Equifax rep says, this is almost certainly a problem with the data that Equifax is sending to Quicken and only they can fix it.

    Is the credit score on an Equifax report the same as what Quicken shows?
    QWin Premier subscription
  • Sturmano
    Sturmano Member
    My credit score is high but when I look at details, it shows I'm using 90% of my available credit. I am not, my available credit is over 20K and I keep a balance lower than 1K. Why is it counting my mortgage as revolving credit? My mortgage balance should not be included in available credit.
  • Dupontnick
    Dupontnick Member ✭✭
    I am having the same problem as others. The Quicken credit report shows me as owing a rather remarkable half million dollars on my credit cards. Many hours on the phone to Equifax confirms that the problem is not with them - and they have just sent me a credit report to confirm the point. Is there any plan to fix this bug in Quicken (release R39.23)?
  • grumpycat
    grumpycat Member ✭✭
    > @NotACPA said:
    > NOBODY ever said that it's a "Credit Card Score".  It's a CREDIT SCORE, and your mortgage is most definitely part of your credit.Any lender that doesn't include your mortgage in calculating your creditworthiness is just plain foolish.

    clearly you don't understand the problem- every idiot on the planet understands that a mortgage is part of a credit report, so spare us all the condescending attitude.

    the problem isn't that the mortgage is included in the credit score, the problem is that the mortgage is being included as credit card dept in the credit score.

    Credit card debt $648,512 credit card limit $767,296 credit card usage 85% of limit-
    I belong to multiple credit score monitoring apps, quicken is the only one incorrectly displaying the info.

    hope that helps you grasp the problem better.
  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Quicken only displays the info that it's provided.  CLEARLY you can't accept that.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • liculs
    liculs Member
    To all - Equifax data is correct, how Quicken is displaying is not - period full STOP.

    How anyone thinks showing Credit Card usage & combing mortgage data into that % display is ludicrous.

    Quicken your smarter than that. Fix how you display the correct data coming from Equifax.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited April 16
    @liculs,
    We all agree that the data displayed in Quicken is incorrect.

    But how do you know that the data Equifax is sending to Quicken is correct? It may be correct on the Equifax website, but that does not necessarily mean that Equifax is sending the correct data to Quicken.

    I think the information is formatted for display before being sent to Quicken, but one would have to look behind the scenes to know for sure.

    QWin Premier subscription
  • mpage
    mpage Member
    Yes, I see this display as extremely misleading. It might be on the credit reporting agencies end, but Quicken is displaying it incorrectly. Whether or not this bug can be fixed or needs to be removed is up to the Quicken developers, but it needs resolution. Please fix this display in the next release.
  • Quicken Anja
    Quicken Anja Moderator mod
    Answer ✓
    Hello All,

    Thank you for taking the time to report this issue to the Community, although we apologize for any frustration or inconvenience experienced.

    This issue has been confirmed internally as a bug and it has been reported to our Development and Product teams for further investigation and resolution. Therefore, this Idea post has been changed into a discussion thread instead.

    Though we do not currently have an ETA, once a solution is created it will be made available as part of a future release.

    Thank you!
    (CTP-3794)
    -Quicken Anja
  • Quicken Anja
    Quicken Anja Moderator mod
    edited August 3 Answer ✓
    Hello again,

    This issue has been reportedly resolved and the ticket has been closed.

    We advise anyone still experiencing this issue to reach out to Equifax for further assistance as our internal investigation also confirmed that this issue is being caused by Equifax (click here for news article reference).

    Thank you!
    -Quicken Anja
  • Quicken Jasmine
    Quicken Jasmine Moderator mod
    Hello All, 

    Our internal systems now show this issue as being resolved. 

    Please do not hesitate to reach out with any further questions or concerns!

    Thank you!
    (CTP-3794)
    -Quicken Jasmine