Wells Fargo Financing

[Anonymous]

There is a store in town offering 0% financing. They use Wells Fargo for thier financing does anybody know what agency they use or do they use all three?

[llecs]

Chances are that it is TU. You may want to confirm with sites like whogavemecredit.com.

Wells Fargo Financial will likely report as a consumer finance loan. CFLs add an extra ding to your FICO score and that ding will remain even if you PIF and close the account. The point loss is relatively minor, but permanent nonetheless.

[Anonymous]

I thnk it is extremely idiotic that your score is dinged for a consumer account. I mean it is a loan and you make payments on it just like any other loan. My dentist happens to use American General and gives zero percent interest for the life of the loan and so I have taken it a few times and paid off within a few months...basically borrowed their money for free.

I understand they are applying statistics and that people who generally use these types of accounts have poorer credit than desired but if you pay it on time with no delinquencies, then who really cares??

Stupid!!!

[Anonymous]

My penfed card reports as a consumer finance account, too. Anyone else notice that?

[haulingthescoreup]

Mine sure doesn't!

How do you know it's reporting this way?

[Anonymous]

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@haulingthescoreup wrote:
Mine sure doesn't!

How do you know it's reporting this way?

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Well, with my credit monitorin it gives me little blurbs about all my different types of accounts:

The 1 finance account(s) contained in your credit report reflect(s) activity for a period of 9 month(s).

The total credit extended to you in your 2 retail account(s) is impacting your credit score.

So by process of elimination I am able to account for my two store cards Gap & Target, and then this "finance" account is 9 months old, and so is my penfed card...

The rest of my cards are issued by major banks, Discover, BofA and Chase and the PenFed Credit Union is the only one left and it is exactly 9 months old...so it must be what they are talking about.  I have no other accounts, no installment accounts, etc...that's the only one they could be referring to. 

Strange huh?

[haulingthescoreup]

Huh. One thing about credit monitoring services, which use secondary reports (including myFICO), is that sometimes the data tracks incorrectly from the full report to the secondary. So something might be in the correct field on the original, but it maps to the wrong field on the secondary report, and then it shows up as something wacky.

There are freakish display errors on all sorts of reports --EQ doesn't show green squares or "OK's" on TrueCredit, my Honda car lease looks like a CFL on myFICO, and on and on. Maybe this is what's happening with you?

And FWIW, FICO scores are calculated from the underlying full reports, not from the secondaries. So even if something displays funky on a myFICO report, it's not affecting the actual FICO score.

[Anonymous]

I don't know, maybe you are right. My scores are fine so I don't really worry much about it. Though you know how much I don't have love for PenFed. Maybe they know that and they are just messin' with me. Hehe.