Affirm loan DP's

[jaxstraw]

Just wanted to post this in case anyone wants to search.
It is reporting to Experian only ( that is well reported for many).
It is being reported as an 'installment loan'.
And it gave me a 3 pt increase in score.

I took the $800+ loan without even thinking of how it reports ( there are threads on the internet suggesting it is a consumer finance loan) ....thank heavens it didn't for me.
I doubt I will do it again but if someone pulls the trigger for a purchase these might be some reasons to consider first.

[Anonymous]

It will show as a CFA but you won’t see that unless you’re looking at your EX auto score or mortgage score and your report is clean enough for it to show up under the FICO negative factors. CFAs do not show up anywhere else that is visible to us including the paper printed credit report. 

[McNugget]

Thanks for that information, @Saeren.

I stupidly used Affirm for a quick loan because a CLI denial said I had a lack of installment loans (something weird like that). I have three payments left on the darn thing and might offer to PIF if they completely remove it from my credit report.

Do I need to sign up for the MyFICO thing to see if that note is on my auto and mortgage scores?

[Anonymous]

Yeah you would need to pull the mortgage scores but Affirm only reports to Experian from my knowledge which would mean you could just get away with taking a $1 trial from Experian and canceling it to get your EX mortgage and auto (it hits auto harder). 

Affirm is very unlikely to remove the loan from your report, we have a member here who was trying to get them removed for months because she had a few of them that she got before Affirm started reporting and they added all of them. 

[McNugget]

Oh goodness. I won't even try then.

I'm not looking to finance a home or vehicle right now, but thankfully my credit union only uses TransUnion. I'm bummed about how long this Affirm garbage will stay on my file.

[Anonymous]

I wouldn’t really worry about it. It’s not a major hit, it’s just annoying that a positive tradeline paid in full can be a hit at all. 

[Anonymous]

Now I feel like an idiot, I should have researched this topic here 1st. I just used it (never before until today) for a Peloton 🙄😭😭😩. I should have just put it on one of my CCs.

[jaxstraw]

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@Anonymous wrote:
Now I feel like an idiot, I should have researched this topic here 1st. I just used it (never before until today) for a Peloton 🙄😭😭😩. I should have just put it on one of my CCs.

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It hasn't effected my EX score at all.

I wouldn't worry too much about it.

I don't plan on using it a second time though.