@Revelate I agree if they would mention it or say Hey just so you know we are or belong with a CF company or it would be going through so and so which is known to be under CF etc....I think that could at least cut back half of them....I definitely wouldn't have got that vacuum under them and put it on a card for sure if I would have known that but ehhhhh Live and Learn is now going to be my Motto it seems XD
@Anonymous wrote:@Girlzilla88 Remember, anything with the word finance or financial in it is suspect, so I would bet world finance is.
Hopefully another member can tell us about Lending Club? Rev?
Prosper and LC both are to my knowledge from prior reports over the years.
It is patently stupid, my hope is sooner or later the majority of consumers will have a CFA and it will be meaningless for risk analysis and will be dropped flat from future algorithms.
@dragontears wrote:
@Revelate wrote:
@Anonymous wrote:@Girlzilla88 Remember, anything with the word finance or financial in it is suspect, so I would bet world finance is.
Hopefully another member can tell us about Lending Club? Rev?Prosper and LC both are to my knowledge from prior reports over the years.
It is patently stupid, my hope is sooner or later the majority of consumers will have a CFA and it will be meaningless for risk analysis and will be dropped flat from future algorithms.
It already is pretty meaningless.
From what I have seen the reason code only shows up on clean files and is lower on the reason list than things like inquiries
CFA are the myFICO molehill that everyone tries to make into a mountain
I would argue that's inquiries actually. CFA's impact everyone, just a 700 score has things that are more important typically than an 800 one but I even saw the CFA in my dirty days depending on model especially the older ones (like the mortgage trifecta) which I absolutely think are more important than any FICO 8 or 9 score personally. TBH most people on this forum never get that clean in the dirty scorecards as they're still in credit acquisition phases.
Does it really matter to me? Not really, even beating my credit like a rented mule recently and not paying attention to my balances I'm still north of 760 on a mortgage pull, but if you're playing in the middle tiers where literally EVERY POINT COUNTS on a mortgage pull, you don't want a CFA as that might cost you 1/8 or 1/4 of a point on the mortgage and that... well, should just be avoided.
I been there, it sucks, and one of my biggest credit euphoria events ever was pulling a 720 mid score on that 2015 mortgage which I thought was flat out of reach. You only need your score when it actually matters and it wasn't lost on me that the dirtiest file (Transunion) except for the fact my CFA wasn't on there, was non-trivially higher than both the EQ/EX mortgage score which had CFA in reason codes. Something of a red herring but any negative matters in that situation.
Frankly we don't know how much it factors, but even 5 points let alone ~20 points is huge sometimes.