CFL will they increase my FICO or Decrease FICO score?

[Anonymous]

I have 7 CFL from small financial company all PID some near 10 year deletion mark being that none,  are from a Bank how does that look to FICO and other lenders. Should I have them removed and if so will it negatively effect my score and credit profile overall.

[Junejer]

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@Anonymous wrote:

I have 7 CFL from small financial company all PID some near 10 year deletion mark being that none,  are from a Bank how does that look to FICO and other lenders. Should I have them removed and if so will it negatively effect my score and credit profile overall.

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You are dinged some for having CFLs vs. banks. But, I have to think that the age is helping you right now more than the CFL nature of the loans are hurting. If I were you, I would go to my local CU and establish a relationship there. Then, start doing the stuff that you were doing at the CFL at your CU. I wouldn't dispute them.

[Anonymous]

Also, it makes no difference for scoring if you have one CFL or if you have ten of them.  You are dinged just for the presence of a CFL on your account, and then no more after that.  They are not like collections or inquiries, where each one hurts a little bit on its own.

So unless you manage to get all of them removed, it would not effect the "CFL ding" on your score anyway.

It's a good idea to remember that disputing closed tradelines in good standing with no late payments associated with them is almost never a good idea, whether they are CFLs or not.  In almost every case, having that extra positive history will help much more than the CFL designation hurts.

[Anonymous]

well said Cheddar!!

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cheddar wrote:

Also, it makes no difference for scoring if you have one CFL or if you have ten of them.  You are dinged just for the presence of a CFL on your account, and then no more after that.  They are not like collections or inquiries, where each one hurts a little bit on its own.

So unless you manage to get all of them removed, it would not effect the "CFL ding" on your score anyway.

It's a good idea to remember that disputing closed tradelines in good standing with no late payments associated with them is almost never a good idea, whether they are CFLs or not.  In almost every case, having that extra positive history will help much more than the CFL designation hurts.

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