I haven't heard of an issue with credit cards but absolutely with "Consumer Finance Accounts"...AKA pay over time deals like Affirm or Klarna.
You can and will absolutely be "dinged" for having even one of these on your reports. You don't have to take my word for it though.
It's the oldest thing on any of my reports, I thought using Affirm for a new laptop would be a good idea to help my score back years ago and get the ball rolling rebuilding my credit. Never again. Lucky they only report to EXP so that's a plus. Although I remember being mad that they didn't report to all three at the time because I thought it would help me more if they did. Now I wish I could have the account removed from my report but Affirm won't do it. They could but won't so it just has to age off. But lesson learned, never ever use one of these services if you can afford not to.
8/22/24
2/11/25
@Society1 wrote:USAA, Navy Fed, PNC, US Bank, Bank of America ,Capital One,Penfed. Between these accounts which ones are stronger On your credit report if having a credit card w/ one of these financial institutions. Please give me insight & feedback thanks!!
All the ones you mentioned are equally "strong on your credit report".
@Lou-natic wrote:I haven't heard of an issue with credit cards but absolutely with "Consumer Finance Accounts"...AKA pay over time deals like Affirm or Klarna.
You can and will absolutely be "dinged" for having even one of these on your reports. You don't have to take my word for it though.
It's the oldest thing on any of my reports, I thought using Affirm for a new laptop would be a good idea to help my score back years ago and get the ball rolling rebuilding my credit. Never again. Lucky they only report to EXP so that's a plus. Although I remember being mad that they didn't report to all three at the time because I thought it would help me more if they did. Now I wish I could have the account removed from my report but Affirm won't do it. They could but won't so it just has to age off. But lesson learned, never ever use one of these services if you can afford not to.
CFAs can get very convoluted, though. I can't recall if it's Toyota or Honda's manufacturer financing that gets flagged as a CFA, but this is one of those cases where according to the algorithms, your credit was so "bad" and you were so "desperate" for a loan that you had to accept 0.9% financing for 60 months on that new $60k Acura or Lexus, instead of doing the responsible thing and getting an 84 month 9.99% loan from Chase or Bank of America that doesn't get flagged as a CFA. I mean sure you'd pay $23,644 in interest instead of $1,383 but at least you didn't stoop to getting a CFA! 
As others have opined, with revolving bank cards the name doesn't matter, just how it's managed. A $1000 secured card has just as much clout on your credit report as a $1000 Amex, Chase, etc. card provided all other age, balance, and payment factors are the same.
@K-in-Boston wrote:
@Lou-natic wrote:I haven't heard of an issue with credit cards but absolutely with "Consumer Finance Accounts"...AKA pay over time deals like Affirm or Klarna.
You can and will absolutely be "dinged" for having even one of these on your reports. You don't have to take my word for it though.
It's the oldest thing on any of my reports, I thought using Affirm for a new laptop would be a good idea to help my score back years ago and get the ball rolling rebuilding my credit. Never again. Lucky they only report to EXP so that's a plus. Although I remember being mad that they didn't report to all three at the time because I thought it would help me more if they did. Now I wish I could have the account removed from my report but Affirm won't do it. They could but won't so it just has to age off. But lesson learned, never ever use one of these services if you can afford not to.
CFAs can get very convoluted, though. I can't recall if it's Toyota or Honda's manufacturer financing that gets flagged as a CFA, but this is one of those cases where according to the algorithms, your credit was so "bad" and you were so "desperate" for a loan that you had to accept 0.9% financing for 60 months on that new $60k Acura or Lexus, instead of doing the responsible thing and getting an 84 month 9.99% loan from Chase or Bank of America that doesn't get flagged as a CFA. I mean sure you'd pay $23,644 in interest instead of $1,383 but at least you didn't stoop to getting a CFA!
As others have opined, with revolving bank cards the name doesn't matter, just how it's managed. A $1000 secured card has just as much clout on your credit report as a $1000 Amex, Chase, etc. card provided all other age, balance, and payment factors are the same.
I financed a portion of my new Tacoma with Toyota Finance last fall (they had a 2.49% deal for 48-months); there are no CFA notations on my reports.
@K-in-Boston wrote:CFAs can get very convoluted, though. I can't recall if it's Toyota or Honda's manufacturer financing that gets flagged as a CFA, but this is one of those cases where according to the algorithms, your credit was so "bad" and you were so "desperate" for a loan that you had to accept 0.9% financing for 60 months on that new $60k Acura or Lexus, instead of doing the responsible thing and getting an 84 month 9.99% loan from Chase or Bank of America that doesn't get flagged as a CFA. I mean sure you'd pay $23,644 in interest instead of $1,383 but at least you didn't stoop to getting a CFA!
.
Well, if you are the sort of person that bothers to distinguish between $24K and $1.3K in interest (or even in general), probabaly not the sort of customer we want!
@K-in-Boston wrote:
@Lou-natic wrote:I haven't heard of an issue with credit cards but absolutely with "Consumer Finance Accounts"...AKA pay over time deals like Affirm or Klarna.
You can and will absolutely be "dinged" for having even one of these on your reports. You don't have to take my word for it though.
It's the oldest thing on any of my reports, I thought using Affirm for a new laptop would be a good idea to help my score back years ago and get the ball rolling rebuilding my credit. Never again. Lucky they only report to EXP so that's a plus. Although I remember being mad that they didn't report to all three at the time because I thought it would help me more if they did. Now I wish I could have the account removed from my report but Affirm won't do it. They could but won't so it just has to age off. But lesson learned, never ever use one of these services if you can afford not to.
CFAs can get very convoluted, though. I can't recall if it's Toyota or Honda's manufacturer financing that gets flagged as a CFA, but this is one of those cases where according to the algorithms, your credit was so "bad" and you were so "desperate" for a loan that you had to accept 0.9% financing for 60 months on that new $60k Acura or Lexus, instead of doing the responsible thing and getting an 84 month 9.99% loan from Chase or Bank of America that doesn't get flagged as a CFA. I mean sure you'd pay $23,644 in interest instead of $1,383 but at least you didn't stoop to getting a CFA!
As others have opined, with revolving bank cards the name doesn't matter, just how it's managed. A $1000 secured card has just as much clout on your credit report as a $1000 Amex, Chase, etc. card provided all other age, balance, and payment factors are the same.
LOL!! That's pure gold!! 
