Consumer Finance Account

[CreditFun]

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)

[Girlzilla88]

I know the Home Depot CC is not, I have mine       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.   

[Girlzilla88]

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

[FlaDude]

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

[Anonymous]

Probably Ally. 

https://ficoforums.myfico.com/t5/Auto-Loans/Has-Anyone-Done-Business-With-Ally-Financial/m-p/5498000...

[Anonymous]

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@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)

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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.

[Anonymous]

I can confirm its Ally Auto

[terren2000]

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.

[dragontears]

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@Girlzilla88 wrote:

I know the Home Depot CC is not, I have mine       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.   

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@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).

[Girlzilla88]

@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.