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[GomerPyle]

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

[sarge12]

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@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

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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.

[sarge12]

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@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

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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.

[sarge12]

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.

[SoundoftheSuburbs]

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@sarge12 wrote:

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@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

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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.

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"Honda Financial is seen on a credit report as a finance company"

So?

[Anonymous]

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.

[sarge12]

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@Anonymous wrote:

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.

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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.

[sarge12]

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@Anonymous wrote:

Consumer finance companies are seen as a "negative" in some FICO scoring models and will lower your score.

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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.

[SoundoftheSuburbs]

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@sarge12 wrote:

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@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.

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Virtually all automaker captive lenders are called "[X] Financial Services." 

[sarge12]

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@SoundoftheSuburbs wrote:

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@sarge12 wrote:

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@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.

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Virtually all automaker captive lenders are called "[X] Financial Services." 

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They may also all be considered consumer finance companies and damage scores by just their presence on a report.