topic Re: Anyone used Affirm? in General Credit Topics

Anyone used Affirm?

ibmrad7 — Tue, 13 Oct 2015 13:00:30 GMT

Hi folks,

So my friend asked me last night about Affirm and I had no idea about it. He is buying the new Nexus 6P from Huawei's own website and they give you the option to finance it through Affirm. Affirm states they only do a Soft Pull but my question is that do they report a new account on your report? Just wondering if someone here used this service before. https://www.affirm.com/

Thanks

Re: Anyone used Affirm?

Anonymous — Tue, 13 Oct 2015 15:12:21 GMT

It appears to be like PayPal but the stores that do business with it is very limited. cross river bank is a tiny bank in New Jersey, good reviews. I just imagine calling in the payment a day late and getting a thick accent like on tv telling you that next time youre going to be rolled in a carpet pushed in the river.

Re: Anyone used Affirm?

-Cal- — Tue, 13 Oct 2015 15:16:34 GMT

They have APRs up to 30%.

Their privacy policy has language in it that indicates it could report to credit bureaus. If thats the case, hopefully they treat all loans through various merchants as 1 trade line and just alter the balance/limit when a new loan is obtained.

Re: Anyone used Affirm?

ibmrad7 — Tue, 13 Oct 2015 17:33:44 GMT

@-Cal- wrote:
They have APRs up to 30%.

Their privacy policy has language in it that indicates it could report to credit bureaus. If thats the case, hopefully they treat all loans through various merchants as 1 trade line and just alter the balance/limit when a new loan is obtained.

I think I'll let my friend be the guinea pig

Re: Anyone used Affirm?

ibmrad7 — Tue, 13 Oct 2015 17:34:19 GMT

@Anonymous wrote:
It appears to be like PayPal but the stores that do business with it is very limited. cross river bank is a tiny bank in New Jersey, good reviews. I just imagine calling in the payment a day late and getting a thick accent like on tv telling you that next time youre going to be rolled in a carpet pushed in the river.

LOL

Re: Anyone used Affirm?

Anonymous — Wed, 14 Oct 2015 00:02:52 GMT

It sounds like a company that could conceivably be categorized by FICO or the CRAs as a "finance company." If so, it will harm your score, even if you make a series of perfect on-time payments. Furthermore, the harmful record will stay on your report for 10 years after the account is closed.

Personally I get very jittery about taking out loans from any entity that isn't a well established major bank. That's just me.

http://venturebeat.com/2015/05/08/lending-startup-affirm-may-be-popular-but-its-loans-are-a-problem/