Affirm Credit through Walmart

[comebackkid15]

So, was looking at electronics at Wally World [Walmart] and I see they're offering a monthly plan/Credit through Affirm.

Never heard of them, but they sound alot like CareCredit or Store Financing cards. Plus, from what little I seen on the board they do SP via EX for approval or denials....does anyone have any additional data points?

Mine is TU 630 EX 628 EQ 610...1 INQ, 1 30 day late in past 3 years 

[Anonymous]

Affirm generally reports as CFAs, which aren't favorably looked upon by some score formulas or lenders; there's some data on that around here somewhere

[BmoreBull]

I'm not 100% sure but I believe that Affirm reports as a CFA. From what I have read around here, it's best to avoid having a CFA account listed on your credit reports. Other lenders kind of view it as a negative. @Anonymous  beat me to it. 

[blindambition]

As stated, they are a negative factor on older FICO models.

You'd be better off with interest free promo on store card. However, I'd wait until scores a little higher for that.

[laocfico]

I'll third the CFA statements.

It's showing up now on those "what hurts your score". 

They only report to experian and boy do they take their time. Ive almost paid mine off the last 3 months cause of these dings and its still showing a big balance. 

[BmoreBull]

It's funny, because the oldest account on my Equifax is a closed rent to own furniture account, from a bed I bought in 2013. It doesn't have any of the CFA notations attached to it. But I'm sure it had to be some similar kind of account. 

[comebackkid15]

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@blindambition wrote:

As stated, they are a negative factor on older FICO models.

You'd be better off with interest free promo on store card. However, I'd wait until scores a little higher for that.

I kinda figured that between the affirm vs Walmart SC or even Credit card,  the Walmart would be a better deal.

BTW, what are the datapoints for score to get either store card or credit card?  Not likely to app for it now, but never know, because there are a few retail shopping holidays coming up.

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[blindambition]

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@comebackkid15 wrote:

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@blindambition wrote:

As stated, they are a negative factor on older FICO models.

You'd be better off with interest free promo on store card. However, I'd wait until scores a little higher for that.

I kinda figured that between the affirm vs Walmart SC or even Credit card,  the Walmart would be a better deal.

BTW, what are the datapoints for score to get either store card or credit card?  Not likely to app for it now, but never know, because there are a few retail shopping holidays coming up.

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Things are changing with current climate, but I'd say mid 600's. Card is backed by Cap One. Recent DP show tightened UW. The also pull all three bureaus.

You might consider the Amazon Credit Builder. If electronics aren't Walmart exclusive. It starts as secured, but can graduate. Prime version offers interest free promos. Amazon Credit Builder 

[comebackkid15]

Things are changing with current climate, but I'd say mid 600's. Card is backed by Cap One. Recent DP show tightened UW. The also pull all three bureaus.

You might consider the Amazon Credit Builder. If electronics aren't Walmart exclusive. It starts as secured, but can graduate. 

BA, thanks for the advice. As far as Amazon goes, already have the Prime Store Card, got it back around the same time I got my Amex products...

As for the Walmart card[s], I'm probably going to wait, u less there is a seriously amazing promotion coming up..only because I would LOVE to get a new computer monitor; amazingly enough, Walmart has it $125 cheaper than Amazon, and in stock.

Unlike a certain electronics store that shall remain nameless...looking at YOU, Best Buy...lmao

[Anonymous]

Sadly when the Walmart card went to Cap one those 0% offers stopped! So I simply don't use the card as much anymore...

I used to use it more back with SYNCH when I could get 0% on $500 purhase for 6 months. Now I only it onece every 4 months for under $100 and then PIF.

You might be better off just going to your local CU and getting a card than waiting for a CAP ONE product, or using Affirm.