My CitiFinancial is revolving

Math_Rocks · ‎07-24-2008

I can't find the thread where somebody said that CitiFinancial and other CFL's are installment loans. However, I just checked my Equifax report and my CitiFinancial (for furniture from Ashley) is considered a revolving account and the CL is definitely factored into utilization.

Filed Chapter 13 April 2012. Case successfully closed May 2017, about 1 month after 60th payment. FAKO scores on close date: TU 695 EQ 697. Received discharge July 11th - took forever! Real EX day of discharge 624.

jmbfl · ‎07-24-2008

And definitely not treated as a consumer finance loan which is considered an inferior credit product and will slightly hurt your score. There are other threads here on this subject. I would rather have it show as revolving.

BRH3 · ‎07-24-2008

My CitiFinancial also shows as revolving. It is a great help to my UTL since it has a CL of 10K and a balance of $440.

Anonymous · ‎07-25-2008

Math_Rocks wrote:
I can't find the thread where somebody said that CitiFinancial and other CFL's are installment loans. However, I just checked my Equifax report and my CitiFinancial (for furniture from Ashley) is considered a revolving account and the CL is definitely factored into utilization.

I don't think anyone said that Citifinancial accounts are always installment loans. CFLs, however, are always installment loans, and an installment loan from Citifinancial is a CFL. That doesn't mean there aren't revolving accounts from Citifinancial that are not CFLs, and that is apparently the type of account you have.

thrasher865 · ‎07-25-2008

jmbfl wrote:
And definitely not treated as a consumer finance loan which is considered an inferior credit product and will slightly hurt your score. There are other threads here on this subject. I would rather have it show as revolving.

Do CFLs actually hurt your score? I know they have horrible terms and might look bad on manual review, but they don't hurt your score do they? I thought they just showed up as installment loans on CRs.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760

Take the FICO Fitness Challenge

WhirledPeasPlease · ‎07-25-2008

I have a very old Citifinancial loan (1994) on my CR that reports as installment.

Status as of [?]	Jun, 1999
Date opened [?]	Apr, 1994
Date of last activity [?]	Jun, 1999
Date paid out [?]	Not Reported
Date closed [?]	Jun, 1999
Account number [?]	XXXXXXXXXXXX
Loan type [?]	Unsecured
Credit limit [?]	Not Reported
Largest past balance [?]	$9,724
Terms [?]	60 Monthly
Account Type [?]	Installment Account
Account holder [?]	Individual Account

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.

Anonymous · ‎07-25-2008

thrasher865 wrote:

jmbfl wrote:

And definitely not treated as a consumer finance loan which is considered an inferior credit product and will slightly hurt your score. There are other threads here on this subject. I would rather have it show as revolving.

Do CFLs actually hurt your score? I know they have horrible terms and might look bad on manual review, but they don't hurt your score do they? I thought they just showed up as installment loans on CRs.

Yes, you get a small FICO ding for the presence of a CFL.

It doesn't matter how many you have, how old they are, or whether they're open or closed; you still get dinged slightly just for the presence of one CFL. It is a very small ding, though.

Message Edited by cheddar on 07-25-2008 07:21 AM

thrasher865 · ‎07-25-2008

What distinguishes CFLs on your CR? I had a loan with citifinancial that I paid off about 2 years ago. Am I still getting dinged, or is it only for open accounts?

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760

Take the FICO Fitness Challenge

MidnightVoice · ‎07-25-2008

thrasher865 wrote:
What distinguishes CFLs on your CR? I had a loan with citifinancial that I paid off about 2 years ago. Am I still getting dinged, or is it only for open accounts?

Usually the word "financial" in the title - citi, Wells Fargo etc.

And the little ding stays until the account drops off

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎07-25-2008

thrasher865 wrote:

What distinguishes CFLs on your CR? I had a loan with citifinancial that I paid off about 2 years ago. Am I still getting dinged, or is it only for open accounts?

You cannot tell a CFL from any other installment account when you look at your report. Only the scoring algorithm knows, by the way the account is coded, or perhaps by the actual name of the creditor. (I've never been entirely clear on this.)

As I posted above, and as MV confirmed, the CFL ding remains whether the account is open or closed.