Forgot to say: It might ding you a TINY bit, since it MIGHT lower the average age of your accounts. But since it really doesn't seem to report as a CFL, I think that would be the ONLY "damage."
Really, I think it's a good thing!! Congrats on the "new" freezer!!!
Really, I think it's a good thing!! Congrats on the "new" freezer!!!
Wonderin wrote:
Forgot to say: It might ding you a TINY bit, since it MIGHT lower the average age of your accounts. But since it really doesn't seem to report as a CFL, I think that would be the ONLY "damage."
Really, I think it's a good thing!! Congrats on the "new" freezer!!!
I honestly don't understand what a CFL actually is, what it would look like on the report or what its distinguishing characteristics are, so I am unable to answer that with any measure of intelligence. 
Our reports are still such a mess that I haven't a clue whether we took a hit on it or not, but I printed that report at the end of August, so any "damage" done is already done & over. I don't think I've made any major progress on scores, but I haven't touched credit repair since before Hurricane Gustav, so I feel as though I'm starting all over again!
I should have mentioned that the reason I'm concerned about this is not about whether that particular account did "damage" to our report, it's b/c I told DH that when we do buy that house, I would rather send back the washer I'm currently paying a lease on (to the very same store as the freezer) and buy my appliances outright, thereby paying less for the appliances AND eliminating one of the monthly payments!
DH's response was that, while he understood where I am coming from, he would like to see the account help boost our scores with a positive payment history added. SO ~ I promised him I would ask here what kind of effect it would honestly have so we knew how to proceed.
Thanks for the congrats ~ it's my first brand new appliance I've ever purchased, so it's kinda special. My other appliances have always been used & when I set up the "lease" on the freezer, I point-blank asked them whether it had ever been used at all (because I wanted a brand NEW freezer) 
Great to "see" you again, Wonderin!
Well, a CFL is a Consumer Finance Loan ... and it's not a BAD thing, but people who have them are seen as a bit more risky, AFAIU. Not sure, though. From what I can tell about what you posted, your RTO is NOT being listed as a CFL. So all good there!
As for whether or not it helps, that would depend on how many installment accounts you actually have right now (or within the last 7 years, obviously). I think any real hit you would have taken would have appeared within the first six months of it's "birth" -- but since it didn't actually hit your reports until AFTER it was paid, I'd assume that either 1) it would hit you now, since it's posting NOW or 2) since it's paid and closed, it won't ding you at all.
I'd also assume that it would help in the long run on the side of it being paid in full with no lates -- especially under a manual review.
I'd assume that it would hurt you a tiny bit since, now that it's closed, it's spanked your average age a wee bit.
All in all, I'll bet that while you didn't gain anything or lose anything via FICO, it will look good under MR. One more testament to what a good credit risk you are!!
And yep, I understand about having your own appliances -- and having NEW ones, to boot! (BTW, when I put new in "", it was because you've had it long enough to pay it off -- I just didn't want to be confusing!!)
I'd say, if it saves you money, send back the washer and buy it outright. I don't think (MHO) that a RTO account helps you enough that it's worth paying extra $$ for (especially if you're going to be buying a home -- save your $$!!). It might even look funny under a MR to see that you've done it more than once. YMMV, though. I'm no FICO expert!
How DID you fare under Gustav?? Y'know, I feel like a total moron. Usually we here in the Panhandle of FL freak out about hurricanes. Since we didn't this go 'round, it slipped my mind. I guess reality is only "real" when you're fighting with some woman over the last pack of TP at the local WallyWorld. :/
Best of luck to you, Whatz!! I missed you, Darlin'!!!
As for whether or not it helps, that would depend on how many installment accounts you actually have right now (or within the last 7 years, obviously). I think any real hit you would have taken would have appeared within the first six months of it's "birth" -- but since it didn't actually hit your reports until AFTER it was paid, I'd assume that either 1) it would hit you now, since it's posting NOW or 2) since it's paid and closed, it won't ding you at all.
I'd also assume that it would help in the long run on the side of it being paid in full with no lates -- especially under a manual review.
I'd assume that it would hurt you a tiny bit since, now that it's closed, it's spanked your average age a wee bit.
All in all, I'll bet that while you didn't gain anything or lose anything via FICO, it will look good under MR. One more testament to what a good credit risk you are!!
And yep, I understand about having your own appliances -- and having NEW ones, to boot! (BTW, when I put new in "", it was because you've had it long enough to pay it off -- I just didn't want to be confusing!!)
I'd say, if it saves you money, send back the washer and buy it outright. I don't think (MHO) that a RTO account helps you enough that it's worth paying extra $$ for (especially if you're going to be buying a home -- save your $$!!). It might even look funny under a MR to see that you've done it more than once. YMMV, though. I'm no FICO expert!
How DID you fare under Gustav?? Y'know, I feel like a total moron. Usually we here in the Panhandle of FL freak out about hurricanes. Since we didn't this go 'round, it slipped my mind. I guess reality is only "real" when you're fighting with some woman over the last pack of TP at the local WallyWorld. :/
Best of luck to you, Whatz!! I missed you, Darlin'!!!
Wonderin wrote:
Well, a CFL is a Consumer Finance Loan ... and it's not a BAD thing, but people who have them are seen as a bit more risky, AFAIU. Not sure, though. From what I can tell about what you posted, your RTO is NOT being listed as a CFL. So all good there!
As for whether or not it helps, that would depend on how many installment accounts you actually have right now (or within the last 7 years, obviously). I think any real hit you would have taken would have appeared within the first six months of it's "birth" -- but since it didn't actually hit your reports until AFTER it was paid, I'd assume that either 1) it would hit you now, since it's posting NOW or 2) since it's paid and closed, it won't ding you at all.
I'd also assume that it would help in the long run on the side of it being paid in full with no lates -- especially under a manual review.
I'd assume that it would hurt you a tiny bit since, now that it's closed, it's spanked your average age a wee bit.
All in all, I'll bet that while you didn't gain anything or lose anything via FICO, it will look good under MR. One more testament to what a good credit risk you are!!
And yep, I understand about having your own appliances -- and having NEW ones, to boot! (BTW, when I put new in "", it was because you've had it long enough to pay it off -- I just didn't want to be confusing!!)
I'd say, if it saves you money, send back the washer and buy it outright. I don't think (MHO) that a RTO account helps you enough that it's worth paying extra $$ for (especially if you're going to be buying a home -- save your $$!!). It might even look funny under a MR to see that you've done it more than once. YMMV, though. I'm no FICO expert!
How DID you fare under Gustav?? Y'know, I feel like a total moron. Usually we here in the Panhandle of FL freak out about hurricanes. Since we didn't this go 'round, it slipped my mind. I guess reality is only "real" when you're fighting with some woman over the last pack of TP at the local WallyWorld. :/
Best of luck to you, Whatz!! I missed you, Darlin'!!!
What sort of things would appear as a CFL, though?
Oh girl, I knew what you meant by putting "new" in quotes! lol I was just excited about my first truly new appliance.
I told DH the very same thing about the paid RTO account not helping enough to make it worth paying so much more! The difference is a smooth couple hundred dollars for MAYBE a couple of points on history! I'd rather have my mortgage and pay IT on time!!! THAT will help.
And I hadn't thought about the appearance of having done RTO more than once, especially in so short a time! Thank you for pointing that out!
We fared well under Gustav, overall. Lost about 75% of the siding from our house, only to learn that there is SHEET ROCK directly behind the siding, with no plywood (except for the OSB at the four corners of the house) and no vapor barrier, Tyvek, nothing. The four corners where the OSB is ~ the OSB is covered with tar paper, but they sure did leave alllllll that sheet rock exposed behind the siding! So naturally, we're concerned about the mold factor, especially with both kids having had respiratory issues of different types in their lives! Sheer genius ~ brilliance in action, the way they cut corners on these houses ~ so can I tell you I really think it's time to get up outta here?!
We were figuring on renting for another year or two while working the credit repair, etc., but we'll see how it works out.
This was my first ever hurricane, as I've only lived in the south since 2006, and booooy was it WILD! I was soooo not prepared for the utter chaos that ensues that last couple of days before landfall ~ the traffic and gas station lines so long, it looks like the fuel crisis of the 70s! Everybody out of water & the 24-hour-a-day coin-op ice machine in town EMPTY! It was C R A Z Y! Thankfully, we only really needed water & duct tape because we were stocked on pretty much everything else (well, except for ICE) and Lowe's had cases of bottled water so that was easy enough!
DH and I sat outside for about 90 minutes during the worst part of the outer wall, watching siding just FLY around our house & next door ~ it was awesome~ until afterward when we were driving around town looking at the utter destruction. The eye passed right through here and our little city of under 30,000 was the hardest hit in our parish. Trees down on houses, power lines...just insane.
I have some wild pics and short video. As an adult, I've lived in CA, UT, TX, WI and LA ~ each with a different type of natural disaster and having been through the BIG Loma Prieta earthquake in 1989, blizzards, one small tornado, wild fires and now hurricane, I'll tell you ~ I'd take a hurricane, hands down, any day, over any other natural disaster.
We left afterward because we were without power and they said it could be up to 4 weeks ~ in THIS heat? NO THANK YOU, so we hit the road, but our house was without power about a week. Some places in the city are, I think, just getting power back. Only a few, but still...
I can't for a moment, feel like we've been anything but only slightly inconvenienced! People lost their homes, we lost some siding. Our neighbors across the street had part of their roof cave in and ruin a LOT of their belongings, but they're safe because they weren't home at the time. All in all, we did just fine.
Well, I've rambled long enough and it's time to go & meet DH.
I've missed you, too, Ms. Lady!