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@racer-x wrote:
@NRB525 wrote:
@ChrisinKC wrote:
@racer-x wrote:
@Anonymous wrote:
@ChrisinKC wrote:
So I was reviewing my Equfax's score factors, and it says "You have a consumer finance account on your credit report.". When I click on the ? for more information, I get the following:
The presence of a consumer finance company loan on a credit report generally represents a higher risk to lenders compared to having no consumer finance company loans reported. Even if this account is reported as closed, it can still impact the score.
What does this mean?Consumer finance companies are typically ones that ou turn to for a credit product that has higher APRs than normal creditors. It's impact is marginal and it's hard to say what one you have without knowing what accounts you have.
Balderdash. I gained 26 pts when my CFA fell off from my reports....it was a small town personal loan company.
Marginal impact??, I think not. Dam near as hurtful to your score as a 30 day late.
Wow, seems like the banks that offer these CFA's should be required to disclose that your credit will suck worse, and for a very long time, after accepting one of their loans.
You gained 26 points when an account in good standing dropped off of reporting on your credit report, meaning it had been closed for, what, 7 years already? That doesn't sound right. I'm wondering if something else changed in your file at the same time? What was the score, with the CFA, then after? What was the source of the FICO score calculation?
The acct was closed for like 6 mos. Only a 1 yr loan. "the source of the fico score calculation"? - Heck if I know. Not sure I uunderstand your question.
I had the CFA removed on say Monday. On tuesday, I got an alert from EQ with the big pt increase and the CFA was gone.
And yea, the other change was my credit history was a whole day older at the time of the increase.
Source of the FICO meaning, from MyFICO or some other FAKO? What were the scores? 699? 722? you know, actual measured FICO scores.
Well, lets see, you had a "new account", opened within the prior two years, which of a sudden became non-existent, "Like it never happened". There are reports of new Term Loans dragging down FICO scores. Did your score drop when you initially opened this account 18 months prior? That, ultimately, would be the key data point to balance this theory that a "CFA hurts your score." Otherwise, speculation only, mine and yours.