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Consumer Finance Account

CreditFun
Regular Contributor

Consumer Finance Account

It is impacting my EQ FICO 5 (mortgage) credit score.

 

"You have a consumer finance account on your credit report.

 

The presence of a consumer finance company loan on a credit report generally represents a higher risk to lenders compared to having no consumer finance company loans reported. Even if this account is reported as closed, it can still impact the score."

 

Which of these do you think are a consumer finance account?

 

Home Depot
Synchrony Paypal Smart Connect (credit line)
Macy's
Birks And Mayor/Cbna (jewelry store)
Bestbuy (Visa)
Target National Bank
Bmw 
Carmax 
Ally Financial (Auto)

 

Message 1 of 14
13 REPLIES 13
Girlzilla88
Valued Contributor

Re: Consumer Finance Account

I know the Home Depot CC is not, I have mine Smiley Happy      But there should be a way you can tell through your Report here or if you go to get your free annual credit report it should say there if I'm not mistaken.   Smiley Very Happy










Message 2 of 14
Girlzilla88
Valued Contributor

Re: Consumer Finance Account

The CBNA should be fine as well since I believe that is the same CitiBank North America that my Home Deport reports under Smiley Happy    Some Car Loans may show up that way but I'm not sure about those and some retail cards may show up that way.  :/










Message 3 of 14
FlaDude
Established Contributor

Re: Consumer Finance Account

As a wild guess, I'd say one of the car loans, with the likelihood going up the further down your list they are.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 4 of 14
Anonymous
Not applicable

Re: Consumer Finance Account

Message 5 of 14
Overmedicated
Community Leader
Valued Contributor

Re: Consumer Finance Account


@CreditFun wrote:

It is impacting my EQ FICO 5 (mortgage) credit score.

 

"You have a consumer finance account on your credit report.

 

The presence of a consumer finance company loan on a credit report generally represents a higher risk to lenders compared to having no consumer finance company loans reported. Even if this account is reported as closed, it can still impact the score."

 

Which of these do you think are a consumer finance account?

 

Home Depot
Synchrony Paypal Smart Connect (credit line)
Macy's
Birks And Mayor/Cbna (jewelry store)
Bestbuy (Visa)
Target National Bank
Bmw 
Carmax 
Ally Financial (Auto)

 


I have an ALLY loan and I know for a sure it is coded as a CFA on Experian.  Some of the other accounts that you have listed can be eliminated from possibilities.  CFAs can not be revolving accounts.

FICO 8
Message 6 of 14
brntphish
Regular Contributor

Re: Consumer Finance Account

I can confirm its Ally Auto







Open:
Amazon Prime ------------ $0/$1500 | 0%
Amazon Store  ------------ $0/$3100 | 0%
Apple -------------------------- $0/$2500 | 0%
Barclay ----------------------- $0/$5850 | 0%
Discover it ------------------ $6755/$12000 | 56.9%
Home Depot --------------- $0/$1500 | 0%
Ollo ----------------------------- $0/$3000 | 0%


NEVER EVER, close a card unless it is paid to $0... Even then reconsider.
#ILearnedTheHardWay
Message 7 of 14
terren2000
Regular Contributor

Re: Consumer Finance Account

I came here for the same reason.  Wondering why my mortgage score for Equifax was lower than my fico score.  It said the same, and it appeared once I got a loan with Audi.

Equifax - 789 Experian - 747 (Fako) Transunion - 715


Starting Score: 620
Current Score: 789
Goal Score: 800


Take the FICO Fitness Challenge
Message 8 of 14
dragontears
Valued Contributor

Re: Consumer Finance Account


@Girlzilla88 wrote:

I know the Home Depot CC is not, I have mine Smiley Happy      But there should be a way you can tell through your Report here or if you go to get your free annual credit report it should say there if I'm not mistaken.   Smiley Very Happy


@Girlzilla88 

Actually there is NO WAY to look at your reports and determine what is coding as a CFA. That specific coding is done by the algorithm and some times a loan from the same company will trigger the CFA reason code for person A and not for person B.

 

That being said, CFA are the myFICO molehill that everyone wants to make into a mountain (i.e. the actual effects on scores is normally less than inquiries).

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 9 of 14
Girlzilla88
Valued Contributor

Re: Consumer Finance Account

@dragontears    I was just stating they should be able to notice how it is reflected for them personally, not that everyone is the same but if it was put that way they should be able to deduce it since I am 9/10 sure which ones are mine based on how they were sorted/reported.   Smiley Happy










Message 10 of 14
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