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Too many consumer finance company accounts

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Re: Too many consumer finance company accounts


@Remedios wrote:

Sometimes financing through Klarna and similar lenders will lead to CFA

 

Maybe you bought phone, laptop or something like that 

 

🤷‍♀️

 

 


I by phones through Verizon and have always used cash or bank cards for laptops.  It's crazy! I can't figure it out.  I have to live with it anyway so oh well I guess. Thanks for the input though.

Message 21 of 38
Community Leader
Mega Contributor

Re: Too many consumer finance company accounts


@Notyetabiggirl wrote:

@Remedios wrote:

Sometimes financing through Klarna and similar lenders will lead to CFA

 

Maybe you bought phone, laptop or something like that 

 

🤷‍♀️

 

 


I by phones through Verizon and have always used cash or bank cards for laptops.  It's crazy! I can't figure it out.  I have to live with it anyway so oh well I guess. Thanks for the input though.


Smiley Sad

 

We could try again uploading images. Where you trying from your phone or pc/tablet? 

What kind of error did you get when trying to upload? Was it size issue or something else? 

 

I am pretty certain if we could see all the open and closed accounts (with personal info redacted) it would probably lead to some good guesses on which account is the most likely culprit. 

EX 759 EQ 774 TU 753


Message 22 of 38
Super Contributor

Re: Too many consumer finance company accounts


@Saeren wrote:

It’s 99% the Honda loan. 

Honda and Toyota are both known to code as CFAs because they will try to get anyone qualified for financing to try to get them in a vehicle. 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Consumer-Finance-Account-Question/m-p/5289044...


Is this just invisible?

 

its the Honda loan. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 23 of 38
Moderator Emeritus

Re: Too many consumer finance company accounts


@DaveInAZ wrote:

@Revelate wrote:

@HeavenOhio wrote:

@DaveInAZ wrote:

Any closed account wouldn't trigger that.

I think @Revelate will report a different experience. Smiley Happy


Yup, I still have that reason code (when I'm pretty enough to see it, to be clear it's more minor than even inquiries which is to say it's not hugely relevant) with a CFA that's been closed since July 2012.  Good lord, I still have 3 more years with that darned thing on EX/EQ, I truly hate the way CFA's are implemented and the fact so many more things these days count as a CFA and then you're stuck with a 10 year penalty.

 

Weak FICO, weak.


Well, I stand corrected. But for my Prosper loan I opened it in June 2014 and started getting those "too many CFA loans" message and when I paid if off in June 2015 those messages stopped. It's still listed in my closed accounts, but the only negative message I get in my Fico score is "loan balances too high", my DCU car loan opened in Oct. 2017 is at 70% of original loan amount. I'm hoping that goes away when I get it down under 50%.


Chased the same comment and it did not go away until I got the loan paid under 30%. Why would I rush to pay a loan that has a favorable lending rate? Nonsense is what it is. I ignore it!!! Smiley Happy

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Message 24 of 38
Community Leader
Mega Contributor

Re: Too many consumer finance company accounts


@Saeren wrote:

@Saeren wrote:

It’s 99% the Honda loan. 

Honda and Toyota are both known to code as CFAs because they will try to get anyone qualified for financing to try to get them in a vehicle. 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Consumer-Finance-Account-Question/m-p/5289044...


Is this just invisible?

 

its the Honda loan. 


 

Your answer is not invisible.  Without seeing a report,  it's not certain, either. 

Not everyone with Honda financing ends up with CFA, just like not everyone with CFA has Honda. 

 

So, while very likely, it's not an established fact yet. 

EX 759 EQ 774 TU 753


Message 25 of 38
Super Contributor

Re: Too many consumer finance company accounts

 

@Remedios wrote:

@Saeren wrote:

@Saeren wrote:

It’s 99% the Honda loan. 

Honda and Toyota are both known to code as CFAs because they will try to get anyone qualified for financing to try to get them in a vehicle. 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Consumer-Finance-Account-Question/m-p/5289044...


Is this just invisible?

 

its the Honda loan. 


 

Your answer is not invisible.  Without seeing a report,  it's not certain, either. 

Not everyone with Honda financing ends up with CFA, just like not everyone with CFA has Honda. 

 

So, while very likely, it's not an established fact yet. 


You can’t ascertain it from a report either. CFA coding doesn’t show up on accounts at all, it’s internal and the credit bureaus won’t tell you what it is. 

What we do know is that it can only apply to installment loans and never from a bank or credit union. We also know that AHF has coded as a CFA before. Process of elimination doesn’t give many options. It has to either be the Honda or Chrysler loan. I can’t find any history of Chrysler coding as a CFA, it’s possible both of them are. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 26 of 38
Senior Contributor

Re: Too many consumer finance company accounts


@Dinosaur wrote:

@DaveInAZ wrote:

@Revelate wrote:

@HeavenOhio wrote:

@DaveInAZ wrote:

Any closed account wouldn't trigger that.

I think @Revelate will report a different experience. Smiley Happy


Yup, I still have that reason code (when I'm pretty enough to see it, to be clear it's more minor than even inquiries which is to say it's not hugely relevant) with a CFA that's been closed since July 2012.  Good lord, I still have 3 more years with that darned thing on EX/EQ, I truly hate the way CFA's are implemented and the fact so many more things these days count as a CFA and then you're stuck with a 10 year penalty.

 

Weak FICO, weak.


Well, I stand corrected. But for my Prosper loan I opened it in June 2014 and started getting those "too many CFA loans" message and when I paid if off in June 2015 those messages stopped. It's still listed in my closed accounts, but the only negative message I get in my Fico score is "loan balances too high", my DCU car loan opened in Oct. 2017 is at 70% of original loan amount. I'm hoping that goes away when I get it down under 50%.


Chased the same comment and it did not go away until I got the loan paid under 30%. Why would I rush to pay a loan that has a favorable lending rate? Nonsense is what it is. I ignore it!!! Smiley Happy


Yep, my car loan is 2.99% for 60 months, I'm paying it off or down just to make Fico happy, "loan balances too high" is on Ignore. I do think that's a dumb feature of Fico scoring - a credit card at 70% is a sign of trouble, a car loan at 70% means I'm paying it responsibility.

 

Fico 08: 734/716/734 TU/EX/EQ
Message 27 of 38
Super Contributor

Re: Too many consumer finance company accounts


@DaveInAZ wrote:

@Dinosaur wrote:

@DaveInAZ wrote:

@Revelate wrote:

@HeavenOhio wrote:

@DaveInAZ wrote:

Any closed account wouldn't trigger that.

I think @Revelate will report a different experience. Smiley Happy


Yup, I still have that reason code (when I'm pretty enough to see it, to be clear it's more minor than even inquiries which is to say it's not hugely relevant) with a CFA that's been closed since July 2012.  Good lord, I still have 3 more years with that darned thing on EX/EQ, I truly hate the way CFA's are implemented and the fact so many more things these days count as a CFA and then you're stuck with a 10 year penalty.

 

Weak FICO, weak.


Well, I stand corrected. But for my Prosper loan I opened it in June 2014 and started getting those "too many CFA loans" message and when I paid if off in June 2015 those messages stopped. It's still listed in my closed accounts, but the only negative message I get in my Fico score is "loan balances too high", my DCU car loan opened in Oct. 2017 is at 70% of original loan amount. I'm hoping that goes away when I get it down under 50%.


Chased the same comment and it did not go away until I got the loan paid under 30%. Why would I rush to pay a loan that has a favorable lending rate? Nonsense is what it is. I ignore it!!! Smiley Happy


Yep, my car loan is 2.99% for 60 months, I'm paying it off or down just to make Fico happy, "loan balances too high" is on Ignore. I do think that's a dumb feature of Fico scoring - a credit card at 70% is a sign of trouble, a car loan at 70% means I'm paying it responsibility.

 

The simple answer to that is just that is just higher liability for the lender. Remember, the scores are made for them, not us. They are meant to give a lender a picture of the risk of extending new credit to a customer. More debt is more debt. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 28 of 38
Highlighted
Super Contributor

Re: Too many consumer finance company accounts


@Saeren wrote:

@Saeren wrote:

It’s 99% the Honda loan. 

Honda and Toyota are both known to code as CFAs because they will try to get anyone qualified for financing to try to get them in a vehicle. 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Consumer-Finance-Account-Question/m-p/5289044...


Is this just invisible?

 

its the Honda loan. 


It's probably the Ally loans. They're much more likely to flag as a CFA than a Honda loan.








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Message 29 of 38
Super Contributor

Re: Too many consumer finance company accounts


@Brian_Earl_Spilner wrote:

@Saeren wrote:

@Saeren wrote:

It’s 99% the Honda loan. 

Honda and Toyota are both known to code as CFAs because they will try to get anyone qualified for financing to try to get them in a vehicle. 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Consumer-Finance-Account-Question/m-p/5289044...


Is this just invisible?

 

its the Honda loan. 


It's probably the Ally loans. They're much more likely to flag as a CFA than a Honda loan.


Ally is an FDIC insured bank, I would be very surprised if they coded as a CFA. Honda and Chrysler are legitimately finance companies that exist solely to get you behind the wheel of one of their vehicles. 



01/2019:
10/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 30 of 38
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