topic Re: affirm related in General Credit Topics

affirm related

Anonymous — Mon, 11 Jan 2021 08:16:04 GMT

Has anyone ever used affirm, afterpay, klarna, quadpay, paywithfour etc? All those advertising checking eligibility will not affect your credit, and I was pre-approved with several of those. But they never mention if really apply and get really approved will result in hard pull or not. Also, I want to know if they ever report anything to any credit bureaus, I would prefer to choose the one who reports to all credit bureaus. If anyone ever used those service, please share about any hard pull or any reporting to credit bureaus.

I thank you in advance.

Re: affirm related

Brian_Earl_Spilner — Mon, 11 Jan 2021 08:37:26 GMT

I've used affirm. It's a hard pull when applying the first time or through a website, but I never received another as long as I was pre-approved in the app. For example, applying through motorola or oneplus resulted in a HP, but since I was pre-approved through the app, I can click through with financing already in place with no HP. I believe they only report to EX.

Re: affirm related

Anonymous — Mon, 11 Jan 2021 09:00:56 GMT

@Brian_Earl_Spilner

That is helpful. Thank you for sharing.

Re: affirm related

chiefone4u — Mon, 11 Jan 2021 09:03:07 GMT

@Anonymous wrote:

Has anyone ever used affirm, afterpay, klarna, quadpay, paywithfour etc? All those advertising checking eligibility will not affect your credit, and I was pre-approved with several of those. But they never mention if really apply and get really approved will result in hard pull or not. Also, I want to know if they ever report anything to any credit bureaus, I would prefer to choose the one who reports to all credit bureaus. If anyone ever used those service, please share about any hard pull or any reporting to credit bureaus.

I thank you in advance.

DW has used Klarna, it reports to all three CRA's. I can't remember for sure but I think it was a HP once accepted.

Re: affirm related

Anonymous — Mon, 11 Jan 2021 09:36:40 GMT

@chiefone4u

That is helpful. Thank you for sharing.

Re: affirm related

Anonymous — Mon, 11 Jan 2021 12:45:21 GMT

@Anonymous wrote:

Has anyone ever used affirm, afterpay, klarna, quadpay, paywithfour etc? All those advertising checking eligibility will not affect your credit, and I was pre-approved with several of those. But they never mention if really apply and get really approved will result in hard pull or not. Also, I want to know if they ever report anything to any credit bureaus, I would prefer to choose the one who reports to all credit bureaus. If anyone ever used those service, please share about any hard pull or any reporting to credit bureaus.

I thank you in advance.

I have used Klarna and After Pay - the 4x payments, not full financing and they "preapprove" you for the max amount they are willing to let you spend with a SP. That form of financing does not report to your CRs.

I will share that affirm, if they do report, is considered a CFA and can lower some scoring models. I just had my CFAs removed (SLs, who would have thought!?) And I saw a very large increase in my scores from their removal. These were positive accounts and very old. Just a heads up.

Re: affirm related

Anonymous — Mon, 11 Jan 2021 12:51:53 GMT

@Anonymous wrote:

Has anyone ever used affirm, afterpay, klarna, quadpay, paywithfour etc? All those advertising checking eligibility will not affect your credit, and I was pre-approved with several of those. But they never mention if really apply and get really approved will result in hard pull or not. Also, I want to know if they ever report anything to any credit bureaus, I would prefer to choose the one who reports to all credit bureaus. If anyone ever used those service, please share about any hard pull or any reporting to credit bureaus.

I thank you in advance.

Affirm reports to Experian, does not report to EQ and TU for me, but it will most definitely report to Experian.

Quadpay does not hard pull and does not report to CRAs unless you miss payments. For reassurances, this is advertised and listed on their site in the FAQ section.

I've used both extensively. I have stopped using Affirm as I don't like it reporting to the bureaus. Each loan reports individually and it just doesn't look good to me.

I do use Quadpay time to time and will continue to do so as long as they keep off the FICO scores/credit reports.

Re: affirm related

Anonymous — Tue, 12 Jan 2021 17:51:10 GMT

How did you have them removed? Or did they just fall off from being old?

Re: affirm related

rostrow416 — Tue, 12 Jan 2021 17:58:24 GMT

Affirm reports to the bureaus and requires a hp to complete.

Using Afterpay or Quadpay or any of those biweekly 4x payment companies do not report or require a hp.

Re: affirm related

Credit12Fico — Tue, 12 Jan 2021 18:27:57 GMT

I have used Klarna and Afterpay but I have only used the pay in 4 installments, one every 2 week plans. Those plans are not technically "financing" so they don't get reported to the bureaus or a credit pull. Spending limits increase over time. Was able to get $1000 spending limit on Afterpay and about $1700 spending limit on Klarna. What I like about these platforms as middle men is that they allow me to split a purchase into 4 smaller charges, which I can distribute across any credit cards I want to maintain activity that is more than a pack of gum, justify credit limits, and so on.

Re: affirm related

Anonymous — Tue, 12 Jan 2021 19:57:59 GMT

@Anonymous wrote:
How did you have them removed? Or did they just fall off from being old?

They fell off from being old. Over 10 years after they were paid/closed!

Re: affirm related

Anonymous — Wed, 13 Jan 2021 08:59:34 GMT

@Anonymous

Good information. Thank you for sharing.

Re: affirm related

Anonymous — Wed, 13 Jan 2021 09:07:58 GMT

@Anonymous

Thank you for sharing. Quadpay does not hard pull and does not report to credit bureaus unless missed payments. That sounds good to me.

Re: affirm related

Anonymous — Wed, 13 Jan 2021 09:04:06 GMT

@rostrow416

Very useful. Thank you.

Re: affirm related

Anonymous — Wed, 13 Jan 2021 09:06:18 GMT

@Credit12Fico

Thank you for sharing. Very useful.

Re: affirm related

mich800 — Mon, 25 Jan 2021 01:44:30 GMT

I use Affirm. They only report to Experian for me. It seems like they don't always update every month. I have seen a couple months elapse between updates. I don't think I have ever had a hard pull but I have never applied directly through them. I have always used them through the sellers website. Never an issues with them with respect to using but if you are looking to a 3 bureau update probably not the best choice.