HSBC Offer:

[Anonymous]

LOL...good job looking it up.

FICO dings you for having a loan that it designates as a CFL.  I am not sure of the exact score hit (maybe Timothy or Ducky knows), but it continues to ding you even after the loan is closed and just sitting on your reports for ten years waiting to fall off.

Ducky is right that you will not get the CFL ding for a LOC, since a LOC is a revolving account, and the CFL designation only applies to certain installment loans.

Message Edited by cheddar on 03-25-2008 12:54 AM

[Anonymous]

this was what my last sw said helped my score, it was worth 11 points.

Your FICO score may have gone up because the following 2 factors are not hurting your FICO score as much as before:

• You have a consumer finance account on your credit report.
• You have too many credit cards carrying balances.

[Anonymous]

Thanks for clearing that up.  However, next time provide that information BEFORE I sign for the loan.  You should be able to sense when I am doing these things lol.  I did sign up for one with HFC - it appears on all three of my reports as a line of credit.  Thanks for helping me understand the difference bet LOC and CFL. 

Edit: I type to slow. The above was orginally for Cheddar, but after seeing Ducky's response it's for him too

Message Edited by PurpleHaze on 03-25-2008 12:58 AM

[Anonymous]

oh, the cfl ding is from a citifinancial loan not the loc from beneficial.

[Anonymous]

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PurpleHaze wrote:

Thanks for clearing that up.  However, next time provide that information BEFORE I sign for the loan.  You should be able to sense when I am doing these things lol.  I did sign up for one with HFC - it appears on all three of my reports as a line of credit.  Thanks for helping me understand the difference bet LOC and CFL. 

---

you're in the clear since you got the loc. no cfl ding, just use it for uti (if you can) that rate is a killer.

[Anonymous]

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PurpleHaze wrote:

Thanks for clearing that up.  However, next time provide that information BEFORE I sign for the loan.  You should be able to sense when I am doing these things lol.  I did sign up for one with HFC - it appears on all three of my reports as a line of credit.  Thanks for helping me understand the difference bet LOC and CFL. 

---

I must have had my PurpleHaze application sensor turned off that day.

It's good that your HFC loan is reporting as a LOC.  No worries about CFL in that case.

[Anonymous]

Thanks Ducky and Cheddar.  The rate is nuts which is why I used just enough to pay off my cards. I was told the $8000 would appear on my credit report as available which is why I did it ... to help with utility. Received a bonus from my job and also didnt need $1000 of what I withdrew so I plan to pay it off quickly (I hope).  Soon enough I will be able to receive decent loans from reputable companies without paying 25% APR.

[Anonymous]

One just showed up in my Email too-

HSBC and I no longer have a business relationship- so this IS   SPAM

[Anonymous]

I wish I could break up with them, however they are the only company willing to extend me credit.

[granny031350]

I have had many of these types of loans in the past with HFC.  IMO, you can never pay them off because the interest they charge is outrageous.  And, they are not simple interest type loans.  For some reason, the balance never went down much even when always paid on time.  I have I think 10 HFC closed accounts on my credit report, all in good standing etc with never any late payments.  We paid them all off when we refinanced our home eons ago.   I would steer clear of this company.