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Affirm

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Valued Contributor

Affirm

I was shopping online and came across an offer for credit from Affirm. Went to their website and still can't really figure out who they are except they offer three to 12-month financing at zero to 30% APR. As my bureaus are frozen I did not do a SP credit app. Can anyone give me some insight as to Affirm and if they are a subprime lender? I have just never heard of them.



















Your FICO credit scores are not just numbers, it’s a skill.

Message 1 of 24
23 REPLIES 23
Valued Contributor

Re: Affirm

Run.. Run for the hills...  10_3_6.gif

 

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. 

 

smiley-taking-christmas-tree-emoticon.gif

PS: Forgot to say all my loans were paid on time and actually paid off early! ZERO late. 




Message 2 of 24
Valued Contributor

Re: Affirm

Thanks for the 4-1-1 on Affirm. I had no Idea that Affirm was coded as a CFA. I am in the garden and was just curious about them.



















Your FICO credit scores are not just numbers, it’s a skill.

Message 3 of 24
Established Contributor

Re: Affirm

They aren't coded as a CFA for me. Just saying

Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 4 of 24
Valued Contributor

Re: Affirm


@BrandonLane wrote:

They aren't coded as a CFA for me. Just saying


Give it time..

They don't have CFA on the listing on your credit report but they score as negatives so the effect on your score is still not a plus. 

They score the same as a CFA and/or a payday loan- NOT good. 

 

How many times have you used Affirm? 

Perhaps I shouldn't say Code as CFA they affect your score like a CFA but they're listed an an installment loan. 

 




Message 5 of 24
Contributor

Re: Affirm

I have had one loan with Affirm, and for me it didn’t code as a CFA. I can see it’s YMMV as for the CFA coding.

The interest rate can be pretty high with them.

It only reports to EX.

Mine doesn’t update correctly, as far as the updated balance is about 2-3 months off at times. It’s been paid on time every month, and yet the balance is slowly being updated.

It’s paid in full now so I’ll see how long that takes to finally reflect on my credit report.

Personally I wouldn’t do another loan with them, due to their slow reporting / updating.
Message 6 of 24
Valued Contributor

Re: Affirm


@B1G wrote:
I have had one loan with Affirm, and for me it didn’t code as a CFA. I can see it’s YMMV as for the CFA coding.

The interest rate can be pretty high with them.

It only reports to EX.

Mine doesn’t update correctly, as far as the updated balance is about 2-3 months off at times. It’s been paid on time every month, and yet the balance is slowly being updated.

It’s paid in full now so I’ll see how long that takes to finally reflect on my credit report.

Personally I wouldn’t do another loan with them, due to their slow reporting / updating.

My interest was pretty low.

Thing is when I began using them, they were a hidden tradeline. They started reporting and I figured no big deal.

I had used them quite a bit.

They do list as an installment loan on my CR but they score negatively, at least multiple loans do.

I get "reasons" from scoring sites of "too many CFAs on your report" for my EX score being low- it's a LOT lower than the others and that is the only difference. In fact my EX report only has 1 inq and the others have 2-3. 

 

If somebody had warned me about Affirm I wouldn't have used them, I had plenty of alternatives. The service was good for me but the lasting score effect is awful. 




Message 7 of 24
Contributor

Re: Affirm

I would agree that if someone had warned me about them I wouldn’t have used them.

I hadn’t discovered myFICO forums until a few months after getting the loan from affirm. I didn’t know jack **** about credit at that point, and figured as long as you were paying on time all was good.

Which is why my interest on there is a little higher because I had high util, and old 4 paid off charge offs when I was approved.

Now util is low and 3/4 charge offs were deleted. There’s a ton of good info out there, you just have to be looking for it I suppose.
Message 8 of 24
Valued Contributor

Re: Affirm

So Affirm reports as an installment loan, is scored as a CFA, only reports to EX, is slow to report and has high interest. Sounds like it isn't a good account to use to pad your credit report.



















Your FICO credit scores are not just numbers, it’s a skill.

Message 9 of 24
Valued Contributor

Re: Affirm


@Medic981 wrote:

So Affirm reports as an installment loan, is scored as a CFA, only reports to EX, is slow to report and has high interest. Sounds like it isn't a good account to use to pad your credit report.


AAsmileysnicker.gif

 

In conclusion..  EXACTLY! 




Message 10 of 24
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