What loans are CFA? Is that bad?

[Yoshi2015]

So it looks like based on my reading that Lending Club is a CFA. Is that viewed negatively if I'm trying to consolidate personal debt? If so, what loans are not CFA that I should look to use? I need about $30000 to consolidate. Open to any and all suggestions. My ficos are around 725 due to all the debt. No baddies, thin file of about 6 yrs. Thanks! 

[SouthJamaica]

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@Yoshi2015 wrote:

So it looks like based on my reading that Lending Club is a CFA. Is that viewed negatively if I'm trying to consolidate personal debt? If so, what loans are not CFA that I should look to use? I need about $30000 to consolidate. Open to any and all suggestions. My ficos are around 725 due to all the debt. No baddies, thin file of about 6 yrs. Thanks! 

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Lending Club would be a CFA.  Lightstream is not because it gets reported as a bank loan from Suntrust Bank.

It appears to have a slightly derogatory impact to have a CFA, but I can't speak to that.

[Yoshi2015]

Yikes! I'm so glad I waited. Ok I'll look into lightstream! Thanks!

[barca]

you can also check Discover and Penfed personal loans.

both of them have soft pull for pre approvals - so you can know your rates before your final application.

Rocket loans also have soft pull pre approval. but I am not sure if they are CFA or not

[Yoshi2015]

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@barca wrote:

you can also check Discover and Penfed personal loans.

both of them have soft pull for pre approvals - so you can know your rates before your final application.

Rocket loans also have soft pull pre approval. but I am not sure if they are CFA or not

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Thanks for that! I'll look into them too 

[FlaDude]

I've read that CFAs have a negative effect on scores, but I think it is pretty minor. I had FICO8s in the 820-830 range when I had open loans with Lending Club and Prosper.

[brk1971]

And check Sofi as well.

As for Lending Club, now that they're chartered as a bank, I'm hoping the CFA tag will drop from the old tradelines still showing on my credit reports. No idea if this is a reasonable wish or not... 

[Revelate]

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@brk1971 wrote:

And check Sofi as well.

As for Lending Club, now that they're chartered as a bank, I'm hoping the CFA tag will drop from the old tradelines still showing on my credit reports. No idea if this is a reasonable wish or not... 

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Might.  If they update the tradelines to the new name could happen; however, I'm not sure that all lenders would do that for closed accounts even if they change the tradeline name.

I really don't know how it's marked for a CFA in the first place, I think it's a database of names but I'm uncertain.