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Consumer Finance

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Consumer Finance

I recently obtained my FICO score from Experian.  Negatives are a bankruptcy in 2001, no major credit card account and consumer finance co. loan.  We recently refinanced our high int. cf loan with another cf, at a lower int. rate.  I did not realize a cf loan would hurt us.  All payments since bankruptcy (and most before) have been paid on time.  Would it help me to refinance our car with a bank?  Also, the fact that everything has been paid on time seems to have no positive effect.  I suppose my score won't improve much until the bankruptcy falls off.
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2 REPLIES
Moderator Emeritus

Too many CF loans will hurt your score as they are looked...

Too many CF loans will hurt your score as they are looked at as giving credit to anyone with a pulse.  Try opening some revolving acounts and if you can refi through a bank it will help in the long run.
Message 2 of 3
Valued Contributor

Yeah, don't expect anything significant to happen until 2...



Jograham wrote:
I recently obtained my FICO score from Experian. Negatives are a bankruptcy in 2001, no major credit card account and consumer finance co. loan. We recently refinanced our high int. cf loan with another cf, at a lower int. rate. I did not realize a cf loan would hurt us. All payments since bankruptcy (and most before) have been paid on time. Would it help me to refinance our car with a bank? Also, the fact that everything has been paid on time seems to have no positive effect. I suppose my score won't improve much until the bankruptcy falls off.





Yeah, don't expect anything significant to happen until 2011.

But for now, you could always apply for a low-end CC or two, just as a trial balloon. But if your FICO is under 600 or so, don't bother--you're wasting your time and the inquiries will ding your score a little more.
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in a credit-scoring postnuclear Stone Age...
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