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Affirm and Peloton

Established Member

Affirm and Peloton

I was approved for a no interest loan with Affirm to finance a peloton bike so I accepted the offer Smiley Happy


Wondering how this will affect my credit scores? I've been working so hard to increase them and was thrilled to be approved for this bike I've always wanted. 


Thanks in advance for any information you can give me! Heart

Message 1 of 7
Community Leader
Senior Contributor

Re: Affirm and Peloton

It can potentially code as CFA loan. CFA may populate a negative reason on reports. Congrats on your new exercise equipment.

Message 2 of 7
Super Contributor

Re: Affirm and Peloton

Congratulations on your approval! We may coin a new saying, Fitness before FICOs!

Message 3 of 7
Super Contributor

Re: Affirm and Peloton

OP, we would need more info in order to attempt to answer your question.  First, do you have any other open installment loans?  If so, what is the current utilization level across them?  What is the amount of the new loan, which presumably sits at ~100% utilization?


How many total accounts do you have on your credit report?  What is your average age of accounts?  How do your inquiries look and on which bureau(s) did you take them for this loan?  Is your file clean or dirty and have you opened a revolver within the last 12 months?

Message 4 of 7
Established Member

Re: Affirm and Peloton

Well I have several installment loans, my car and student loans. The amount of this new loan is $1800. 

have 3 credit cards and 1 account with Fingerhut, average age is around 7 years. My inquiries are low and I believe the credit bureau that provided the info for this loan approval was Experian. 


My credit report is fair, I have paid off a few charge offs and collections, my scores have increased because of that but not much. Honestly I don't know what my scores are because this MyFico website hasn't updated them, all my reports and scores have not been updated since I signed up for the membership. The main score has changed but not the other 3 scores. Not sure how this loan will effect my overall credit score since this site doesn't update often. 

Message 5 of 7
Established Member

Re: Affirm and Peloton

Welcome to Peloton!  I also financed my Peloton through Affirm and while I'm not the best person to answer your question as to how it will impact your scores, I can at least tell you about my exerience.


Affirm is only reporting to Experian and it reports as an unsecured installment loan. I've never had an installment loan before and since financing it in October 2020, my scores took about a 10-15 point dip afterwards, but are now essentailly where they were before.  I suspect my score won't significantly improve over October 2020 level until it is fully paid off.


Good luck on your fitness journey!

Message 6 of 7
Valued Member

Re: Affirm and Peloton

Afirm is showing on my credit report as a CFA even though it is paid off and closed (for over a year now) It only reports to experian and it is making a 20-25 point difference in my score compare to EQ aznd TU

Message 7 of 7
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