Consumer Finance auto Loans

[Anonymous]

How much does a consumer finance auto loan in good standing hurt your credit score?



TU-677 EX-640 EQ-643

[Anonymous]

Consumer Finance Accounts should be avoided since their very presence on your report (even if you have always made on-time payments) harms your score.

Determining how much harm is done is difficult because nobody here on the forum wants to try adding a CFA and watching how much his score drops -- because getting the CFA off the report might take 10 years.

It's also unclear which scoring models are affected.

Sorry I cannot give you a better answer, but that's the best I know.

[Revelate]

I think I can state every single currently used FICO model counts CFA's: I see them on FICO 98, 04, 8, 9 on my reports from EX / EQ.

That said one can see my scores in my siggy for those bureaus and it's not a significant piece of dirt with top tier mortgage scores and near 800 on FICO 8 and over that on FICO 9 and I don't have stupid amounts of history on my report. and some inquiries, recent accounts, and installment utilization marring ot too.  Optimized file even with the CFA I'd be over 800 assuredly.

Car loans one doesn't normally have to resort to BHPH type places, CU's are really friendly when it comes to auto loans in particular.