"60 Minutes" just did a segment on Affirm. They referred to it as a buy now, pay later type financing. Goggle "Affirm lending sixty minutes" and you can read the summary of the segment and access the video.
@Pikaboo-icu wrote:Run.. Run for the hills...
Affirm is coded as a CFA.
I used them for a long time before figuring that out- Check the difference in my scores below..
Affirm being a CFA is the ONLY difference and is costing me about 30 points on EX.
Some people believe one CFA wont hurt and maybe that's true but I highly recommend avoiding them completely!
That said; It's an online only finance company that's offered by many retailers. I buy preloved luxury goods and they're pushed on me on nearly every site.
PS: Forgot to say all my loans were paid on time and actually paid off early! ZERO late.
Interesting you mentioned that it hit your scores. In my past, I took out a credit card from Wells Fargo Financial (did not know they were like a pay day lender) and it hit my credit the same way you described. In truth, I had no idea that my credit bureaus scores would tumble and stay affected for a long time. The Apr was 27% for purchases.