People you can hire to understand/deal with bureaus? (120pt score drop w/ Affirm, all paid on time)

[SouthJamaica]

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@TyrannicalDuncery wrote:

Thanks @SouthJamaica, you rule. I keep asking questions but of course you've been very generous already. No pressure.

I've heard that "negative" information other than bankruptcy only stays on your report for up to 7 years.

Are you referring to something like that? (And does the CFA flag count as "negative"?)

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There are many ways in which time heals all wounds.

1. Yes that one, negatives being removed.

2. Negatives losing impact gradually over time.

3. Age of oldest account grows.

4. Average age of accounts grows.

5. Age of youngest account shrinks.

Things like that.

[SouthJamaica]

As to the CFA impact.... IMHO little is really known about what impact it has on scores.

I've never personally had anything with that tag, but synthesizing what I've read about it, I'm under the impression that it does not cost a lot of points.

[TyrannicalDuncery]

Thanks @GZG , that makes sense. I think that's all I really need to know until she collects info from lenders and credit reports.

But since I can't stop asking questions, I have some more about age if you have time: am I correct that those CFA accounts will go away after 10 years since they are closed?

(If so, I guess that could be good or bad.)

[SouthJamaica]

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@TyrannicalDuncery wrote:

Thanks @GZG , that makes sense. I think that's all I really need to know until she collects info from lenders and credit reports.

But since I can't stop asking questions, I have some more about age if you have time: am I correct that those CFA accounts will go away after 10 years since they are closed?

(If so, I guess that could be good or bad.)

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Although 10 years is a common juncture for closed accounts to be removed from credit reports, it's not written in stone. Some closed accounts disappear much sooner, some much later.

[TyrannicalDuncery]

LATER!?!?. But I won't shoot the messenger .

Is it a good rule of thumb that "if it's not on the credit report, it's not affecting the score"?

[SouthJamaica]

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@TyrannicalDuncery wrote:

LATER!?!?. But I won't shoot the messenger .

Is it a good rule of thumb that "if it's not on the credit report, it's not affecting the score"?

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Yes. That is a good rule of thumb.

[Brian_Earl_Spilner]

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@TyrannicalDuncery wrote:

Thank you @SouthJamaica! Yeah, it sucks. She worked so hard to get her score up. It sounds like that -5 to -15 will follow her to her grave.

Is it possible that her non-Experian scores are unaffected?

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Affirm currently only reports to EX

[TyrannicalDuncery]

Thanks @Brian_Earl_Spilner ! Makes sense. Do you know how it works for any of the other big BNPL companies?

[longtimelurker]

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@SouthJamaica wrote:

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There are many ways in which time heals all wounds.

1. Yes that one, negatives being removed.

2. Negatives losing impact gradually over time.

3. Age of oldest account grows.

4. Average age of accounts grows.

5. Age of youngest account shrinks.

Things like that.

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This.    And while your sister's choice of "apps" isn't typical for here, you will see many similar things in this forum.   People newly excited about credit (or even old-timers) will go on an app spree and apply for several cards in a short period of time.   The inquiries and reduction in average age of accounts causes a drop in their scores (potentially offset by a utilization decrease).   If the spree is big enough, the point loss can be quite large but over time, just as with your sister's case, the damage goes away as the accounts age

[Anonymalous]

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@TyrannicalDuncery wrote:

Is it possible that her non-Experian scores are unaffected?

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Here's a free place to check Equifax FICO 8:

https://www.myfico.com/products/fico-free-plan-a

MyFICO appears to have stopped promoting it, but the link still seems to work.