New Member
Posts: 2
Registered: ‎07-17-2012
Re: What are consumer finance accounts?

Just my two cents, I've been trying like crazy  the past 6 months to get get my score up just 5 points to get into the best mortage rates with little success. My report is spotless, my use of unsecured credit at 1%, and I only have a car payment at the credit union. Amongst other revolving credit cards (Amex, chase, zero balance) I also have an HSBC card. It only had with a $200 balance with a low rate, so I figured I'd pay that off last. What I found out according to MyFico after paying it off, was it was considered a 'CFC'. My score went up 22 points!! Reasons my score changed from MyFico?...'your consumer finance account is not hurting your score as much as before'. Keep in mind that I've never been late on any account, but bringing this account to $0 gave me a 22 point bump. Go figure...