Some lenders look back on CR?

Anonymous · ‎05-03-2008

When i was doing my home equity loan a week ago to get all my debt in one place i was talking to the loan officer. He said that one of the lenders i had on my report looks bad. I do not have any negatives on that report. He said because of the type of lender it was. I call BS on this. What are your thoughts? Its is a personal loan place that i have my 4 wheeler with. Kinda loan sharkish at 20% apr

fused · ‎05-03-2008

Type of lender...maybe a CFL (consumer finance loan). Who is the lender on this 4-wheeler?

Anonymous · ‎05-03-2008

Yeah, it probably is a "consumer finance loan," which is a category Joseph Heller would love. IF your credit is bad, sometimes all you can get are the low-end loans at high interest that are called "consumer finance loans." Then both FICO scoring and some snooty lenders count that against you.

Anonymous · ‎05-04-2008

the 4 wheeler loan is at Lendmark financial then i have a personal loan at American General. That is good to know. I just went to them because the 4 wheeler place used this lender. how much are we talking when you guys say that FIKO counts it aginst you?

Anonymous · ‎05-04-2008

Only a few points- This IS a CFL.

Macchamps75 wrote:

the 4 wheeler loan is at Lendmark financial then i have a personal loan at American General. That is good to know. I just went to them because the 4 wheeler place used this lender. how much are we talking when you guys say that FIKO counts it aginst you?

Anonymous · ‎05-04-2008

thanks again timothy

islandgirl · ‎05-20-2008

what is considered a consumer finance loan? i have that remark on my credit report but i don't know which one. everything is listed as revolving or installment.

Junejer · ‎05-20-2008

If it's installment and it has the word financial or Finance in the title, then you probably have a CFL. Wells Fargo Financial, Citi financial, American General Finance, AVCO Finance, etc. If it's revolving with those names, no worries.