topic Re: Consumer Finance Question. in General Credit Topics

Consumer Finance Question.

Anonymous — Tue, 15 Apr 2008 19:28:07 GMT

Hello, I have 3 consumer finance loans (Citifinancial) on my reports. 2 are paid in full and closed, the other is 40% paid off, dating from Oct. 04 to present. There are no late payments on any of these loans. I’ve been reading here that a CFL can ding your score. If 1 is bad then 3 must be 3 times as bad. In anyone’s opinion would it be beneficial to see if they would delete the 2 old accounts? Does the payment history out weigh the CFL brand? All comments welcome. Thank you.

Re: Consumer Finance Question.

Anonymous — Tue, 15 Apr 2008 19:48:21 GMT

johnqcustomer wrote:
Hello, I have 3 consumer finance loans (Citifinancial) on my reports. 2 are paid in full and closed, the other is 40% paid off, dating from Oct. 04 to present. There are no late payments on any of these loans. I’ve been reading here that a CFL can ding your score. If 1 is bad then 3 must be 3 times as bad. In anyone’s opinion would it be beneficial to see if they would delete the 2 old accounts? Does the payment history out weigh the CFL brand? All comments welcome. Thank you.

I've been told to leave mine on the CR because overall they help more than they hurt.

Re: Consumer Finance Question.

Anonymous — Tue, 15 Apr 2008 20:00:11 GMT

johnqcustomer wrote:

Hello, I have 3 consumer finance loans (Citifinancial) on my reports. 2 are paid in full and closed, the other is 40% paid off, dating from Oct. 04 to present. There are no late payments on any of these loans. I’ve been reading here that a CFL can ding your score. If 1 is bad then 3 must be 3 times as bad. In anyone’s opinion would it be beneficial to see if they would delete the 2 old accounts? Does the payment history out weigh the CFL brand? All comments welcome. Thank you.

IMO leave them alone. They go toward length of history.

Re: Consumer Finance Question.

Anonymous — Wed, 16 Apr 2008 01:53:00 GMT

Thanks for the advice.

Re: Consumer Finance Question.

Anonymous — Wed, 16 Apr 2008 03:21:09 GMT

Also, to answer your first question, three CFLs do not hurt your score more than one does. This is counterintuitive, but you are dinged only for the presence of one or more CFLs on your reports, not incrementally for each new one.