No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
What exactly is the difference between a finance company and a credit card company?
Why does having finance company accounts on your credit report lower your score?
CCC set a higher standard to be approved then a Finance co.
Also a CCC you can have for years.
A finance co is a place where you can get fast cash, with any type of credit score good or bad.
They charge loan shark rates and listed on your CR under installments.
Because you get approved for X amount, and when its paid back monthly, you loan it done.
I dont believe FICO can recongnize a finance co from another installment loan co.....Tho i maybe wrong.lol
I've had a finance co on my CR for years, but just last month on myfico CR bang it showed up.
I'll know soon if it affects my score, it's about to drop off my CR
@LIGHTNIN wrote:CCC set a higher standard to be approved then a Finance co.
Also a CCC you can have for years.
A finance co is a place where you can get fast cash, with any type of credit score good or bad.
They charge loan shark rates and listed on your CR under installments.
Because you get approved for X amount, and when its paid back monthly, you loan it done.
I dont believe FICO can recongnize a finance co from another installment loan co.....Tho i maybe wrong.lol
I've had a finance co on my CR for years, but just last month on myfico CR bang it showed up.
I'll know soon if it affects my score, it's about to drop off my CR
Hi LIGHTNIN...someone in the forums...can't remember who...once said that consumer finance companies/accounts are coded differently when they report than credit cards are. Apparently that's how FICO can pick up on them.
It's a very confusing area. It's also been said to be careful of the no money down / no interest furniture deals. Apparently they can be coded as consumer finance. It's just too bad that apparently there is no warning up front on some of these that aren't so obvious and don't have "finance" in their name.
One of my three major credit reports (I don't have which one handy at the moment) complains about a "finance company" but the others don't.
I've never visited "Friendly Bob Adams" type places (one such used to say "visit friendly Bob Adams"). After research I found that this account was a $16K loan through Wells Fargo that I was given by Trane corporate air conditioning when I had new furnace, air con, etc, installed in my house. No interest, no payments for 12 months. I paid in full on the 11th month. Anyway, this was the "finance company" in my case.
codedoctor wrote:
One of my three major credit reports (I don't have which one handy at the moment) complains about a "finance company" but the others don't.
I've never visited "Friendly Bob Adams" type places (one such used to say "visit friendly Bob Adams"). After research I found that this account was a $16K loan through Wells Fargo that I was given by Trane corporate air conditioning when I had new furnace, air con, etc, installed in my house. No interest, no payments for 12 months. I paid in full on the 11th month. Anyway, this was the "finance company" in my case.