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APPROVING BANK: Honda Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 859 out of 900 Fico 9 Auto Enhanced
SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Accord LX
MILEAGE: 31
FINANCE/LEASE: Finance
PURCHASE PRICE: $22,000
AMOUNT OF LOAN: $14,000
TERM CONTRACTED: 36 months
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $388
ANNUAL INCOME: $72,000
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: $8000 down payment
@GomerPyle wrote:APPROVING BANK: Honda Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 859 out of 900 Fico 9 Auto Enhanced
SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Accord LX
MILEAGE: 31
FINANCE/LEASE: Finance
PURCHASE PRICE: $22,000
AMOUNT OF LOAN: $14,000
TERM CONTRACTED: 36 months
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $388
ANNUAL INCOME: $72,000
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: $8000 down payment
I want to give you fair warning....Honda Financial is seen on a credit report as a finance company...It is given on my mortgage score as a reason for the score being lower....not due to problems paying it...just existing on the report.
@GomerPyle wrote:APPROVING BANK: Honda Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 859 out of 900 Fico 9 Auto Enhanced
SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Accord LX
MILEAGE: 31
FINANCE/LEASE: Finance
PURCHASE PRICE: $22,000
AMOUNT OF LOAN: $14,000
TERM CONTRACTED: 36 months
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $388
ANNUAL INCOME: $72,000
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: $8000 down payment
The second reason down was due to Honda Financial...and I refinanced it the next day, so it was only reported as open for 1 day.
By the way, it is no longer showing and should not have even shown on this as it was over 7 years prior to this. When I first saw that reason I had to research what was being seen as a consumer finance account...it was not easy, but a full report pull revealed American Honda Finance as the culprit. I think it is the same company, but it was a goldwing purchase at a honda motorcycle dealership.
@sarge12 wrote:
@GomerPyle wrote:APPROVING BANK: Honda Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 859 out of 900 Fico 9 Auto Enhanced
SOFT PULL/HARD PULL: HARD
CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Honda
MODEL: Accord LX
MILEAGE: 31
FINANCE/LEASE: Finance
PURCHASE PRICE: $22,000
AMOUNT OF LOAN: $14,000
TERM CONTRACTED: 36 months
APR/LEASE RATE: 2.9%
MONTHLY PAYMENT: $388
ANNUAL INCOME: $72,000
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: $8000 down payment
I want to give you fair warning....Honda Financial is seen on a credit report as a finance company...It is given on my mortgage score as a reason for the score being lower....not due to problems paying it...just existing on the report.
"Honda Financial is seen on a credit report as a finance company"
So?
Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.
@Anonymous wrote:Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.
And be seen as a negative even if payed perfectly...which makes no sense at all, but is a known fact that it does so.
@Anonymous wrote:Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.
I personally think they should have to warn the consumer that the existance of a consumer finance account is considered a negative in some fico credit scoring models...I would not have ever used that if I had known that at the time. I had to learn about it after the damage was done. In my case my scores were so high it made no real difference, but had I been unable to get the best rate on a mortgage due to that it would have infuriated me. I did not know they were a consumer finance account, but the word financial might should have been a clue.
@sarge12 wrote:
@Anonymous wrote:Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.
I personally think they should have to warn the consumer that the existance of a consumer finance account is considered a negative in some fico credit scoring models...I would not have ever used that if I had known that at the time. I had to learn about it after the damage was done. In my case my scores were so high it made no real difference, but had I been unable to get the best rate on a mortgage due to that it would have infuriated me. I did not know they were a consumer finance account, but the word financial might should have been a clue.
Virtually all automaker captive lenders are called "[X] Financial Services."
@SoundoftheSuburbs wrote:
@sarge12 wrote:
@Anonymous wrote:Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.
I personally think they should have to warn the consumer that the existance of a consumer finance account is considered a negative in some fico credit scoring models...I would not have ever used that if I had known that at the time. I had to learn about it after the damage was done. In my case my scores were so high it made no real difference, but had I been unable to get the best rate on a mortgage due to that it would have infuriated me. I did not know they were a consumer finance account, but the word financial might should have been a clue.
Virtually all automaker captive lenders are called "[X] Financial Services."
They may also all be considered consumer finance companies and damage scores by just their presence on a report.