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Chase Freedom Visa -CFL???

Member

Chase Freedom Visa -CFL???

My new Chase Freedom Visa reported on Equifax today as Consumer Finance Loan?
I know because I pulled fico scores yesterday and today and that was the only new account added.
Under "Understanding Your Fico Score" it says Consumer Finance Account is hurting your score.
When I open account info under Credit Type it says Open Account (instead revolving).Please advice what to do and how to change this info.Thx.
Message 1 of 14
13 REPLIES
Moderator Emeritus

Re: Chase Freedom Visa -CFL???

Is it a Chase Freedom Visa Signature card?
EQ 814 / TU 815 / EX 842
Message 2 of 14
Member

Re: Chase Freedom Visa -CFL???

Yes,it is.
Message 3 of 14
Valued Contributor

Re: Chase Freedom Visa -CFL???

Signature cards are treated as open accounts. Possibly you can call Chase and tell them you mis-understood how this would report, and you were interested in a Freedom card that is a revolving account. Hopefully they can correct this for you.
Message 4 of 14
Moderator Emeritus

Re: Chase Freedom Visa -CFL???

You can also call Chase and tell them to report your account type as "revolving," not "open."  Hopefully, this will work.  Chase Freedom Signature cards have created a lot of credit troubles for many cardholders lately. 
 
Good luck with this.  Keep us posted on how things are progressing. 
EQ 814 / TU 815 / EX 842
Message 5 of 14
Frequent Contributor

Re: Chase Freedom Visa -CFL???

OP, I am interested on hearing how this situation turned out. Did Chase comply with your request to get them to report more accurately?

Starting Score: EQ 773, TU 766
Current Score (2/25/2017): EX 813, EQ 823, TU 818
Goal Score: 800


Take the FICO Fitness Challenge
Message 6 of 14
Moderator Emerita

Re: Chase Freedom Visa -CFL???

I mean, if nothing else, don't report it as a CFL. Cripes. Smiley Mad
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 7 of 14
Frequent Contributor

Re: Chase Freedom Visa -CFL???

I am curious if anyone knows the differences between the Signature card and the Platinum version of this Chase Freedom credit card.

I looked on the Chase website and it had the following quote in the terms and conditions:

"Before we approve you for a credit card, we will review your credit report and the information you provide with your response to confirm that you meet the criteria for this offer. Based on this review, you may receive a Platinum card with different benefits and without the no pre-set spending limit feature, or you may not receive a card."

I don't mind the no pre-set spending limit feature as long as it is reporting accurately and in a non-negative fashion, but it doesn't exactly list what the differences are between the Signature and Platinum.

Starting Score: EQ 773, TU 766
Current Score (2/25/2017): EX 813, EQ 823, TU 818
Goal Score: 800


Take the FICO Fitness Challenge
Message 8 of 14
Moderator Emeritus

Re: Chase Freedom Visa -CFL???



andyaycw wrote:
I am curious if anyone knows the differences between the Signature card and the Platinum version of this Chase Freedom credit card.

I looked on the Chase website and it had the following quote in the terms and conditions:

"Before we approve you for a credit card, we will review your credit report and the information you provide with your response to confirm that you meet the criteria for this offer. Based on this review, you may receive a Platinum card with different benefits and without the no pre-set spending limit feature, or you may not receive a card."

I don't mind the no pre-set spending limit feature as long as it is reporting accurately and in a non-negative fashion, but it doesn't exactly list what the differences are between the Signature and Platinum.

One major difference between the Signature Freedom card and the Platinum Freedom card is the APR.  I have the non-Signature Freedom card and my APR is Prime+0.49%, or 6.49%  The Signature's APR is Prime+9.99%, or 15.99%.  A few months ago, asked a rep in Chase's Retention Department, aside from the no preset spending limit,  what are the differences between my card and the Signature version.  Her only response was "the APR is a lot higher on the Signature card."  The rep also told me that I "have the best rate available on any Chase card."  So, I'm not complaining.   


Message Edited by psychic on 02-23-2008 12:31 AM
EQ 814 / TU 815 / EX 842
Message 9 of 14
Frequent Contributor

Re: Chase Freedom Visa -CFL???

Huh, so I guess that the Signature card ain't all that great, aside from the no preset spending limit. I used to always think that the Signature cards were somewhat better than others.

Starting Score: EQ 773, TU 766
Current Score (2/25/2017): EX 813, EQ 823, TU 818
Goal Score: 800


Take the FICO Fitness Challenge
Message 10 of 14