Is this for real ?!?

[CraigHwk]

Note Loan is the account type. Individual Account.   Nothing about a Finance Account.  Guess I'm good.  Thank you

[sarahlee7]

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@CraigHwk wrote:

Note Loan is the account type. Individual Account.   Nothing about a Finance Account.  Guess I'm good.  Thank you

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The consumer finance loans I had said 'individual' too, but they were definitely CFA's.  Small $750 loans but paid back like $2000 in payments.

The kinda loan where you use silverware and plungers to secure the loan with assets.

[teo77777]

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@sarahlee7 wrote:

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@CraigHwk wrote:

Note Loan is the account type. Individual Account.   Nothing about a Finance Account.  Guess I'm good.  Thank you

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The consumer finance loans I had said 'individual' too, but they were definitely CFA's.  Small $750 loans but paid back like $2000 in payments.

The kinda loan where you use silverware and plungers to secure the loan with assets.

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LOL...That's good stuff !

[Anonymous]

I've got several CFL's on my reports, all with perfect payment history. On my FICO's credit report, they show as installments, but could these be hurting my score?  Under "type of loan" it says "Secured with household goods". 

[AKO17]

I'm wondering the same thing now. I have an installment loan that reports as "installment" on all three reports, however under the Equifax comments only it states "Secured" and "Fixed Rate" This loan has never once seemed to help my score even though it is four years old and paid on time each month. 

[Anonymous]

You have me wondering myself.    I'm going to check my installment loans.  

[Anonymous]

My auto loan says BMW Financial Services?  Should I take that as a negative?  

[Anonymous]

Here's a denial from today that specifically mentions consumer finance. It's one Lending Club loan.

We also obtained your credit score from TransUnion and used it in making our credit decision. Your credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes.

Your credit score: 791

Date: 2015-06-17 13:33:31 -0500

Scores range from a low of 300 to a high of 850

Key factors that adversely affected your credit score: "Proportion of loan balances to loan amounts is too high,Time since most recent account opening is too short,Length of time revolving accounts have been established,Too many consumer finance company accounts,The number of inquiries on the consumer's credit file has adversely affected the credit score."

[Revelate]

CFA's are usually marked as retail or with the outright tag in my experience.

Positive installment loans do help score, auto loans are typically not consumer finance accounts.  I have a ding in my reason codes for a CFA which is almost guarunteed to be my lone Walmart card.

FWIW I'm not sold on some of the statements made in the OP's message but that's me; there's never been evidence that the name of the lender on a tradeline matters to FICO, it'd be enormously complex to keep a database of all that anyway from an implementation perspective.  That FP card counts just as much as an Amex on FICO as an example; however, that does not guaruntee that UW doesn't feel differently, it's just not part of the algorithm.

[flan]

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@Anonymous wrote:

Here's a denial from today that specifically mentions consumer finance. It's one Lending Club loan.

We also obtained your credit score from TransUnion and used it in making our credit decision. Your credit score is a number that reflects the information in your consumer report. Your credit score can change, depending on how the information in your consumer report changes.

Your credit score: 791

Date: 2015-06-17 13:33:31 -0500

Scores range from a low of 300 to a high of 850

Key factors that adversely affected your credit score: "Proportion of loan balances to loan amounts is too high,Time since most recent account opening is too short,Length of time revolving accounts have been established,Too many consumer finance company accounts,The number of inquiries on the consumer's credit file has adversely affected the credit score."

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It doesn't tell you any such thing.  It's a denial.  And a score, with the scoring factors.  The scoring factors have to tell you what's keeping you from getting a perfect score, so with a score that high, consumer finance will show up.  But there's no telling what the denial reason is.  It could be the consumer finance account.  It could be you don't qualify for some other reason -- like your dti is to high, you have too many new accounts, you have too few new accounts, or they don't lend to people who spell their name in ALL CAPS.  You can't tell from that letter, and they don't have to be more specific (though lenders often are, if there's an objective reason they can point to like "insufficent income").