Affirm has pulled back on lending. They're not even offering financing to their class D (worst credit) customers right now. They may be reducing offers on the virtual cards as well for everyone. The virtual card is still available to me and as of a week ago, they're still offering me thousands above what they'll do a direct lend for.
@Anonymous wrote:I know this is an old post but I just want to say something about affirm. I had 4 Affirm accounts so far since 2017. 3 paid off with one being paid off early this month of Feb 2021. So I have one left. My credit scores as of today EQ 790, TU 789 and EX 765. Why Experian is so low? Now I know. It is listed under Experian.
"The presence of a consumer finance company loan on a credit report generally represents a higher risk to lenders compared to having no consumer finance company loans reported. Even if this account is reported as closed, it can still impact the score."
Back then, I assumed it is is just SP and paying off as installment loan. Nothing is hurting my credit reports but only recently I just learned something about it. How long will Affirm stays on my account? I am planning to pay the last one off next month.
They should fall off of your reports about 10 years after they are last updated with the credit bureau. I would look for different reasons for your Experian score being lower; feel free to start a new thread in Understanding FICO Scoring. The effects of a CFA are typically overblown. Some manufacturer auto loans are classified that way for instance, so someone who gets a 19.99% subprime auto loan from one lender may not get that ding but someone who easily qualified for a 0.9% auto loan from Honda Financial Services, to use a common example of an auto loan often classified as a CFA, would get dinged.
