@totallymytravis wrote:I know that this is the credit card topic but wasn't sure where Affirm fits.
I took out on a farm loan for $3000 at 0% APR for three months I did so after reading online that loans through Affirm that are for three months and are 0% APR do not report to the credit bureau's.
However, I am skeptical. has anyone else had experience with us and have seen their three months 0% APR loan not report to Experian?The main reason why I took the short payment term is because I did not want it to report.
Why? Because I recently discovered that any affirm loan destroys your AAoA. Because they are short installement loans they will reduce your credit age dramatically. Which is why my Experian is now almost always 15-20 points lower.
not only that, but they also code as a CFA, which is another ding to your credit
3 month 0% APR loans are not supposed to report, but I can't find Affirm saying that at all
Everything You Need to Know About Affirm | Personal Loans and Advice | U.S. News (usnews.com)
@totallymytravis wrote:I know that this is the credit card topic but wasn't sure where Affirm fits.
I took out on a farm loan for $3000 at 0% APR for three months I did so after reading online that loans through Affirm that are for three months and are 0% APR do not report to the credit bureau's.
However, I am skeptical. has anyone else had experience with us and have seen their three months 0% APR loan not report to Experian?The main reason why I took the short payment term is because I did not want it to report.
Why? Because I recently discovered that any affirm loan destroys your AAoA. Because they are short installement loans they will reduce your credit age dramatically. Which is why my Experian is now almost always 15-20 points lower.
Any new account goes against your AAoA's. Doesn't matter if its a card or loan. Its the account not the company name.
The length of a loan is immaterial, they continue to age and be reported for a decade after completion.
Never get an affirm loan because if it reports it is considered a negative on your profile, no matter how perfect your payment history, or if the loan is even active. If it reports, for the next decade you will see "One or more Consumer Finance Accounts" or some version of that on your experian report. I don't care if it is a one point loss I wouldn't do it.
From the Myfico app...
I have done one Affirm 0% APR loan to pay for some car parts for a major repair. I made the 4 payments on time, and the loan was not reported.
I would never agree to the any of there other loans since they would be reported at affect the age of accounts.
