cancel
Showing results for 
Search instead for 
Did you mean: 

Too many consumer finance company accounts

Estimate your FICO® Score range for free

FICO® Score Estimator

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Super Contributor

Re: Too many consumer finance company accounts


@Saeren wrote:

@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. 


HSBC was the second largest bank in the world but many of their products coded as CFAs. Ally was renamed from GMAC (General Motors Acceptance Corporation), a finance company just like Honda's and Toyota's, and they were well known to target less than stellar credit. Those practices still continue to this day despite the polish they've put on. It's still the same bank.








***AD SPACE AVAILABLE***
Message 31 of 38
Super Contributor

Re: Too many consumer finance company accounts


@Brian_Earl_Spilner wrote:

@Saeren wrote:

@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. 


HSBC was the second largest bank in the world but many of their products coded as CFAs. Ally was renamed from GMAC (General Motors Acceptance Corporation), a finance company just like Honda's and Toyota's, and they were well known to target less than stellar credit. Those practices still continue to this day despite the polish they've put on. It's still the same bank.


Well I guess we will never know which account(s) caused it since it’s not something that you can get the CRAs to disclose. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 32 of 38
Super Contributor

Re: Too many consumer finance company accounts


@Saeren wrote:

@Brian_Earl_Spilner wrote:

@Saeren wrote:

@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. 


HSBC was the second largest bank in the world but many of their products coded as CFAs. Ally was renamed from GMAC (General Motors Acceptance Corporation), a finance company just like Honda's and Toyota's, and they were well known to target less than stellar credit. Those practices still continue to this day despite the polish they've put on. It's still the same bank.


Well I guess we will never know which account(s) caused it since it’s not something that you can get the CRAs to disclose. 


Sure we can. OP can ask Ally to remove the reporting. If the CFA disappears, it was those. If it doesn't, it's one of the Honda loans. Since they have so many auto loans, removing the 2 Ally loans won't hurt them. But it's up to the OP if they want to roll the dice.








***AD SPACE AVAILABLE***
Message 33 of 38
Community Leader
Senior Contributor

Re: Too many consumer finance company accounts

I believe it's FICO that slaps on the consumer finance label. That would mean that there's nothing that the CRAs would be able to disclose.

Message 34 of 38
Community Leader
Mega Contributor

Re: Too many consumer finance company accounts

Unless I totally misunderstood RobertEG's point, it's based on how it's reported 

 

Post 7

EX 754 EQ 774 TU 752


Message 35 of 38
Super Contributor

Re: Too many consumer finance company accounts


@Remedios wrote:

Unless I totally misunderstood RobertEG's point, it's based on how it's reported 

 

Post 7


That’s correct but it’s not consumer-facing. It doesn’t show up on reports you pull from the CRAs and they won’t disclose it over the phone either. 

I don’t know if you knew but there is actually a forum feature for sharing a specific post in a thread. It’s not really made very obvious. 


1482E58B-5FBC-4490-9374-348FB2D51C5A.jpeg


Permalink will take you right to the post and when you copy that link, it will send everyone else there instead of to the top of the thread or whatever their settings are for read/unread. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 36 of 38
Super Contributor

Re: Too many consumer finance company accounts


@Brian_Earl_Spilner wrote:

@Saeren wrote:

@Brian_Earl_Spilner wrote:

@Saeren wrote:

@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. 


HSBC was the second largest bank in the world but many of their products coded as CFAs. Ally was renamed from GMAC (General Motors Acceptance Corporation), a finance company just like Honda's and Toyota's, and they were well known to target less than stellar credit. Those practices still continue to this day despite the polish they've put on. It's still the same bank.


Well I guess we will never know which account(s) caused it since it’s not something that you can get the CRAs to disclose. 


Sure we can. OP can ask Ally to remove the reporting. If the CFA disappears, it was those. If it doesn't, it's one of the Honda loans. Since they have so many auto loans, removing the 2 Ally loans won't hurt them. But it's up to the OP if they want to roll the dice.


So your solution is to have OP weaken their overall file to have a chance to have a CFA removed? Regardless of what FICO thinks, which isn’t much since the point penalty is minimal, it’s better to have the history than to remove it to get rid of CFA coding. It’s also not that easy to get banks to take down accounts from credit reports so this option seems a bit ridiculous. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 37 of 38
Established 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. 


Need to remove the invisibility cloak.

Push the red button !

Thinking of "Monsters vs Aliens"

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k)
US-Bank Cash+ (15k) / FNBO Travel Elite (15k) / Citi Double Cash (18k)
Ficos : 840 / AAoA : 9 yrs / AoOA : 23 Yrs / AoYA : 3
Message 38 of 38
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.