Interesting! Got my Risk Based price sheet from USAA on my CC approval, and last reason is the CFA. Ive not seen this before (for me), on denials/approvals until now. Is this specific to USAA? and/or EX and specific scoring model??
It also states "too many", in meaning more than 1 or several?
I looked thru my recent EX report, and I DO have one account showing that is probaly the culprit......One Main Financial...codes as "unsecured". (will drop off in 2022), and Its a postiive account.
Other accounts that are "possibles" are:
~Nebraska Furniture Mart..but codes as "CC"
~Discover Financial...codes as "CC"
~Old Fingerhut account(Web Bank)...codes as "CC"
I agree with all the reasons...I have BK showing, lots of new acts and INQ...not surprised there on any of that.
@DaveInAZ wrote:Ah, I missed that, you did say it will fall off in 2022 which indicates a 2012 closure.
Very strange USAA would mention too many CFAs for a closed account, must be a USAA thing, I'm not eligible but I've read they are very particular. But's not a EX thing as it was only TU that gave me the "too many CFAs", and apparently they consider 1 as 'too many'. And in my opinion it's strange for any CRA or creditor to be so negative on personal loans, the majority of folks get them to pay off high interest CCs and get their finances in better shape. I got my Prosper loan to payoff a CC balance that was going to become 22% instead of 0%, and then with better credit I got a new CC with 15 month 0% BT offer and used that to pay off Prosper two & a half years early, and with 0% was able to payoff the CC in 15 months.
mmmm, so is it the "loan" itself , or the "name" associated with the loan thats causing these comments? If its the "loan" itself, does that extend to all loans? car, personal, school. etc... I have 2 open loans (PF personal, and school loan), but I have 3 closed loans. All in good standing/positive. mmmm, another FICO mystery, lol
I believe, it's attached to a lender and/or location. So, if you got an Affirm loan using a virtual card to buy something from Best Buy, it would be a CFA, while getting an Affirm loan with Motorola, who they are a captive lender for, would not. Thats my hypothesis as not every Affirm loan flags as a CFA.
@Brian_Earl_Spilner wrote:I believe, it's attached to a lender and/or location. So, if you got an Affirm loan using a virtual card to buy something from Best Buy, it would be a CFA, while getting an Affirm loan with Motorola, who they are a captive lender for, would not. Thats my hypothesis as not every Affirm loan flags as a CFA.
So, going with your theory here....my "names" associated or attached to the open and closed loans I have are....Penfed (open/personal), Commerce Bank (closed/car), NFCU ( closed/car), FedLoan servicing ( open/school), One Main Financial (closed/personal) . I'm gonna guess its the One main Financial in my case. Will be interesting to see once it drops from reports if was the one
@pizza1 wrote:mmmm, so is it the "loan" itself , or the "name" associated with the loan thats causing these comments? If its the "loan" itself, does that extend to all loans? car, personal, school. etc... I have 2 open loans (PF personal, and school loan), but I have 3 closed loans. All in good standing/positive. mmmm, another FICO mystery, lol
Hmmm, interesting question. My guess is the "name", because for One Main Financial, Prosper, etc. personal loans/finance are their primary business. For a personal loan from a credit union, Amex, Discover, etc. personal loans are not their primary business so the CRAs/creditors don't pick it up.
On a side note, for my Penfed Home Equity Line of Credit only EQ places it in Mortgage loans, TU & EX lump it in CCs as a revolver account. I wish they'd all count it as a Mortgage, since I didn't reaffirm my mortgage in my 2010 BK7 - which I still pay - I don't have any mortgage loans except the HELOC on credit reports.
