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Are some store cards considers Consumer Finance Accounts (CFA)?

raisemysc0re
Frequent Contributor

Are some store cards considers Consumer Finance Accounts (CFA)?

Specifically I am wondering about the following credit cards and wonder if they are hurting my scores in any way:

Amazon Store credit card (Synchrony Bank versioon).

MicroCenter (Wells Fargo)

Bob's Furniture (Wells Fargo)

I also have a FirstBank credit card that started out as a secured card but graduated too a Platinum Visa and is now at about 4K 

Chapter-13 filed 11/13 discharged 06/16
Starting MyFico Scores 09/16 - (EQ 630 | TU 581 | EX 592)
Current Scores 9/2020 - (EQ 809| TU 786 | EX 788)

Total CL 172+k

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Message 1 of 7
6 REPLIES 6
dragontears
Valued Contributor

Re: Are some store cards considers Consumer Finance Accounts (CFA)?


@raisemysc0re wrote:

Specifically I am wondering about the following credit cards and wonder if they are hurting my scores in any way:

Amazon Store credit card (Synchrony Bank versioon).

MicroCenter (Wells Fargo)

Bob's Furniture (Wells Fargo)

I also have a FirstBank credit card that started out as a secured card but graduated too a Platinum Visa and is now at about 4K 


No, CFA are loans

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 7
raisemysc0re
Frequent Contributor

Re: Are some store cards considers Consumer Finance Accounts (CFA)?

Ahh.. Thanks for the clarification.

I guess what I should have asked is if they are considered Sub-Prime credit cards and are they hurting my scores? 

Chapter-13 filed 11/13 discharged 06/16
Starting MyFico Scores 09/16 - (EQ 630 | TU 581 | EX 592)
Current Scores 9/2020 - (EQ 809| TU 786 | EX 788)

Total CL 172+k

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Message 3 of 7
K-in-Boston
Moderator

Re: Are some store cards considers Consumer Finance Accounts (CFA)?


@raisemysc0re wrote:

Ahh.. Thanks for the clarification.

I guess what I should have asked is if they are considered Sub-Prime credit cards and are they hurting my scores? 


While many of them can be issued to those meeting the subprime score range, the cards themselves are not necessarily subprime. Some of my favorite cards are store cards; 5% off/back or 12-24 month 0% promotional APRs are often better than the cards in my wallet that would be hardest for most to obtain.  As far as hurting scores?  No more than any other revolving account.  Insurance industry scores (not used in CA, HI, MA) may be affected by store cards, however.

Message 4 of 7
Slabenstein
Valued Contributor

Re: Are some store cards considers Consumer Finance Accounts (CFA)?

There's no "sub-prime card" reporting category.  The only way they'd be hurting your score is if you paid them late or let high balances report.


Message 5 of 7
blindambition
Community Leader
Senior Contributor

Re: Are some store cards considers Consumer Finance Accounts (CFA)?

Subprime cards have no affect on score or reports. Only if you mismanage them.

The only negative relates to lender. Subprime cards may be bucketed. Meaning they have no real future for growth.

Message 6 of 7
raisemysc0re
Frequent Contributor

Re: Are some store cards considers Consumer Finance Accounts (CFA)?

Thanks for the info everyboody... I feel better now.

 

@K-in-Boston 

That is an impressive lineup of cards with great CLs!!! 

Chapter-13 filed 11/13 discharged 06/16
Starting MyFico Scores 09/16 - (EQ 630 | TU 581 | EX 592)
Current Scores 9/2020 - (EQ 809| TU 786 | EX 788)

Total CL 172+k

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Message 7 of 7
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