topic Re: Ex shows a paid consumer finance account lowest score in Understanding FICO® Scoring

Ex shows a paid consumer finance account lowest score

Anonymous — Thu, 09 May 2019 15:24:59 GMT

Before I had good credit I got a terrible CFA 20 plus % apr for my Dodge charger. (Later refinanced down to 2.74 w dcu.
The only report that has this loan is Experian-719
No CFA for tu,eq.
My tu-746
Eq- 721
I know these CFA reports slightly hurt credit scores but it's my oldest account by almost a year.
So my oldest account w Experian is two years.
The other 2 have aooa- 14 months.
Eq- , and tu- have identical info.
I also understand that beaureas w same info can differ.
1. Is the CFA on my ex the reason my score is lower than others even though it's my oldest account(closed after 13 months paid)
2. My trans Union has always been ahead of eq, meaning it's always improved a month or 2 before Equifax follows. By then my trans Union has improved again always edging out Equifax.
6 months ago my Experian was my best. Once my only baddie fell off trans Union became highest score.
Inq- last year
Ex- 9
Eq-4
Tu-3
Do you think it's the inquiries? I have 9 total for EQ- but 6 are auto loans done in same month June so they count as 1.(4 total counting against me)
Tu- only report that didn't get hit with multiple inquiries when auto loan shopping in June of 2018 and 2017.
I know that they qualify as 1 hp even though was 5 different banks, but can multiple inquiries done while auto shopping hurt more even though they only count as 1 inquiry???? Or is it just that they score differently? I'm excited to see what happens when these inquiries age to 1 and 2 years next month..
Ty in advance

Re: Ex shows a paid consumer finance account lowest score

Revelate — Fri, 10 May 2019 04:14:44 GMT

Sort of doubt it: we don’t know how much CFA’s ding but throughout my own journey EX with a CFA was always higher than TU FICO 8 without one.

TU FICO 4 has always liked me though even today with a 60D late from just over a year ago, CFA’s might have more weight on the older algorithms.

EQ which also has the CFA is typically my lowest.

I get my CFA dropping off in two more years: may even ask for EE to try to get a clean datapoint.

Given that I have reached 780+ on EX FICO 2 and also 820+ on EX FICO 8 I have my doubts that a CFA is much damage.

Re: Ex shows a paid consumer finance account lowest score

Anonymous — Mon, 13 May 2019 13:08:27 GMT

My Experian has finally caught up with my others. 730 range. Maybe it doesn't hurt so much... I'll keep mine regardless since it's my oldest account.

Re: Ex shows a paid consumer finance account lowest score

Revelate — Wed, 15 May 2019 20:55:28 GMT

@Anonymous wrote:
My Experian has finally caught up with my others. 730 range. Maybe it doesn't hurt so much... I'll keep mine regardless since it's my oldest account.

That and I missed part of it: 9 inquiries vs. 4/3, ding.

Seeking credit > CFA penalty wise.

Re: Ex shows a paid consumer finance account lowest score

Anonymous — Thu, 16 May 2019 11:28:08 GMT

Seems as though my CFA being my oldest account by almost a year only on experian helps and hurts my score.
Because when my inquiries are up for Experian it's my lowest score but when they are about the same or close in inquiries my scores are even.
So ex- has a 23 month aooa. (CFA)
With 8 inquiries it was a 731 score same as other 2- once it hits 9 inquiries it dropped back to 719.
Tu-. And Eq- have 3 Inquiries and aooa is 13 months and they are in the 735+ range.
So the CFA seems to offset it self by helping with age of accounts.

Re: Ex shows a paid consumer finance account lowest score

Revelate — Fri, 17 May 2019 02:42:05 GMT

I don't know of any explicit breakpoints before AAOA 2 years but that was on EQ FICO 5 (old Scorewatch product here) FICO 8 monitoring wasn't released till later.

I think the more likely scenario is that a CFA doesn't really matter that much, it's always near the very bottom for me on the reason code list if it shows up at all... it is stupidly easy to push it off, like let 4/19 accounts report a balance on a pretty clean EX FICO 2 scorecard, CFA gets pushed to #5 and off the table.

Re: Ex shows a paid consumer finance account lowest score

Anonymous — Fri, 17 May 2019 04:05:46 GMT

My personal opinion is that a bigger deal gets made of CFAs than should be the case. I think in the majority of instances CFAs only adversely impact scores in a minor way.

Re: Ex shows a paid consumer finance account lowest score

Anonymous — Fri, 17 May 2019 12:17:38 GMT

I completely agree. I only see it on my mortgage score. In my case if I ever had a manual review I would think having that CFA being my oldest account may show I have done the right thing since that loan. I had to get that loan when I had basically no credit. But like stated above I now agree it is not much of a big deal at all

Re: Ex shows a paid consumer finance account lowest score

Revelate — Fri, 17 May 2019 13:15:07 GMT

I don’t really think the banks care that much, it’s expected if you have bad or no credit that you may need to pick up a weird tradeline, but the fact that you (and I) paid it is a positive that outweighs whatever minor negative there is. Sure I know exactly when my CFA will fall off my report and I am even thinking about trying to get it excluded early when it gets near, but I am not marking days or anything.

BBS is right that we obsess over some credit things that aren’t really that big of a deal: CFA, inquiries (well single inquiry anyway not much additional damage), even if I am brutally honest singleton 30D or 60D lates apparently on files with history.

As long as the long term is basically up and to the right and doesn’t drop below say a 740 for your middle mortgage score at least currently it just doesn’t really matter.

Credit market might tighten up, it has been awfully loose since 2013 so that math may change some given that consumer data seems to be worsening, but I doubt it will change UW standards for credit cards that much, just limit extensions will likely get smaller.