Affirm.

[Creditin]

Hi guys, I would like to know how affirm reports to the bureaus.

As a loan or credit card. And would this give the loan report 

I'm missing, since all I have is credit cards.

Thank you for your valued reply.

Cheers.

[Conraddj]

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@Creditin wrote:

Hi guys, I would like to know how affirm reports to the bureaus.

As a loan or credit card. And would this give the loan report 

I'm missing, since all I have is credit cards.

Thank you for your valued reply.

Cheers.

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i was reading through forums the other day that it reports as a consumer finance account . 

[Creditin]

I read in another thread that Affirm is a junk loan.

I guess I'll go with a credit union.

I really don't need the credit.

I can pay with my regular Sam's Club card.

Any comment would still be welcome. Thank you.

Cheers.

[Yasselife]

It reports as a loan but when getting the negative reasons(red arrows list) on fico points you'll see the "too many consumer finance accounts". 
It's not a junk loan imo, history(ability to pay) is what counts to underwriters. I show mine(Marcus) with pride 🎖 while rebuilding my file.

[AMJ50]

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@Conraddj wrote:

i was reading through forums the other day that it reports as a consumer finance account . 

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@Creditin wrote:

Hi guys, I would like to know how affirm reports to the bureaus.

As a loan or credit card. And would this give the loan report 

I'm missing, since all I have is credit cards.

Thank you for your valued reply.

Cheers.

---

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If I had to do it all again, I wouldn't have it on my credit file. 

[GatorGuy]

I got 0% financing for both my Peloton Bike and Tread. It shows as a loan. I don't have any negative code for CFA on my Fico8 but it does show as a consumer finance account on older scores.

There is no indication that it has had any effect on me ever being accepted for credit. 

[Yasselife]

Mine only shows on EQ, and there's a difference of 20 points in comparison with TU.

[IRemember]

I made a $500 purchase at WalMart using Affirm about 18 months ago.  I didn't need to use Affirm, as I had/still have lots of available credit.  Affirm offered me various payment plans, which varied from three to twelve months.  I chose the three month payment option.  At the time, I thought it might be interesting to see what it would be like to use an alternative lender like Affirm.  I regret my decision somewhat.  That's because Affirm reported the account as a personal loan to Experian (Affirm did not report the account to any of the other major credit bureaus).  Unlike other types of installment loans, personal loan tradelines may have a negative impact upon FICO score.  In my case, I didn't see a change in score at the time.  But FICO scores provide a snapshot of your credit at a given point in time.  Therefore, I don't know for sure whether the existence of this closed account on my Experian credit file will impact my score adversely at some point.

Because Affirm reports accounts as personal loans to Experian, I wouldn't recommend using Affirm unless you have no other choice.

[IRemember]

Here are a couple of other things about Affirm that might be of interest to people:

Affirm did not require a hard pull for approval.  The approval was based on a soft pull from Experian.

Since they report as a consumer finance trade, every purchase that you make would be reported as a separate tradeline.  So, if you were to make purchases at three different stores, for example, there would be three Affirm personal loan tradelines on your Experian credit file.

[coldfusion]

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@IRemember wrote:

Since they report as a consumer finance trade, every purchase that you make would be reported as a separate tradeline.  So, if you were to make purchases at three different stores, for example, there would be three Affirm personal loan tradelines on your Experian credit file.

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Yes - that's exactly how a point-of-sale loan works.    Each loan is tied to a specific purchase so if you make 3 separate purchases you have 3 separate loans.

One thing with Affirm is that the loans are backed by Celtic Bank.  Celtic Bank's target demographic in the unsecured market is directly centered in the subprime market.