topic Questions on CFL in General Credit Topics

Questions on CFL

Anonymous — Tue, 22 Jan 2008 17:04:22 GMT

Are furniture stores financing considered a CFL? is it good not to finance furniture through them? what are some alternatives? I have had one in the past and I currently got one back in DEC for 3 mos zero percent interest?

Also what about auto financing companies for Example--Citi Financial is this considered one or since its an auto loan is it considered a installment loan?

Are CFLs only accounts with Financial in the title?

If anyone has had any experience with any--who are they ---i guess it is kinda good to know to avoid them in the future since they penalize on FICO scores

Re: Questions on CFL

Junejer — Tue, 22 Jan 2008 18:50:16 GMT

Legz:

I can tell you from personal experience that companies that provide financing for furniture stores are financial companies. I got furniture thru Ashley about 4 yrs ago w/an extended period of 0% same as cash (2 or 3 yrs). Citifinancial approved it for me. Years ago, I bought furniture thru another large furniture store, locally, and they provided the 0% financing through American General Finance. I do believe that these hurt your score and I will be carrying this garbage on my CRs for the next 4 or 5 yrs.

Good rule of thumb, if they have "Financial" in their name, they are probably a CFL. Check 'em out really well. GL

Re: Questions on CFL

Anonymous — Tue, 22 Jan 2008 19:18:53 GMT

thansk Byrdman I have one more payment on this one for next month and then I am done with it--guess I will not be financing no more furniture through these companies--I have only dealt with Schewels furniture where I live not sure who their bank is --it shows on my credit report as the store though--thanks again

Re: Questions on CFL

Junejer — Tue, 22 Jan 2008 19:28:10 GMT

All good Legz. If you could see a CR from a lender, it would be interesting to see the code for loan type for the store. They have to get their $ from somewhere. There's too much risk involved for them to be the "bank".

Re: Questions on CFL

Anonymous — Tue, 22 Jan 2008 21:05:08 GMT

It depends on who does the store's financing. Some stores are financed through CFL loans others are regular installment loans. Some stores do both depending on the location of the store. Ashley does GEMB which is generally not considered a CFL in some locations but here they do CitiFinancial which is.

Re: Questions on CFL

Anonymous — Wed, 23 Jan 2008 00:25:26 GMT

thanks Brammy makes perfect sense to me--I looked throughout my agreement which I currently have and only have one month left on--I see nothing on there really but the companies name Schewels Furniture besides that I only see a little line at bottom that sys

This contract sets forth all conditions and agreements betweeen the parties hereto and secured party shall not be bound by any verbal agreement or modification hereof, this contract is subject to Security Interest in favor of Suntrust Bank as Collateral Agent---so maybe this is not a CFL???????

what you guys think?????????

Re: Questions on CFL

Anonymous — Wed, 23 Jan 2008 00:30:22 GMT

Hey Legz, you seem to be one lucky duck. Definitely does not soudn like a CFL. Just make sure you don't have that 'Consumer Finance loan' notation as one of your negs and I say you're set. Don't think Suntrust does CFLs.

Re: Questions on CFL

Anonymous — Wed, 23 Jan 2008 03:37:21 GMT

I have never seen it mentioned on any of my FICO reports they only report to Transunion too and thats like one of bext scores running neck tro neck with Experian--so i guess I have gotten luck y with this one--lucky for them really cause if i would have found that out there would be no more financing there for me--now I pay buy more furniture

Re: Questions on CFL

Junejer — Wed, 23 Jan 2008 04:13:17 GMT

@Anonymous wrote:
thanks Brammy makes perfect sense to me--I looked throughout my agreement which I currently have and only have one month left on--I see nothing on there really but the companies name Schewels Furniture besides that I only see a little line at bottom that sys

This contract sets forth all conditions and agreements betweeen the parties hereto and secured party shall not be bound by any verbal agreement or modification hereof, this contract is subject to Security Interest in favor of Suntrust Bank as Collateral Agent---so maybe this is not a CFL???????

what you guys think?????????

Legz, you are one of the lucky ones. Good for you. If it says Bank, I don't think that you have much to worry about. If it said Suntrust Financial, then you are in trouble. Good for you. Buy all of you furniture there.