CFA notation

[AzCreditGuy]

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@Revelate wrote:

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@AzCreditGuy wrote:

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@Revelate wrote:

Pretty much what others said: it is hard to isolate CFAs; I only know because mine is on two bureaus and TU has never seen a CFA tag regardless of what scorecard it has been (and that file has been in a LOT of different scorecards over time).

That said if you are in one of the pretty scorecards already it doesn't matter that much and someone already stated the salient: Finances > FICO.

If I ever buy a car again if after negotiating price I can still get a 0% loan from the manufacturer I will take it and don't really care if it codes as CFA objectively, but I am not totally rational and I still gently kick myself for opening up that stupid Cashcall loan to cover a cash shortfall (which I could have done something different to address just would have cost more cash wise but I digress) thought at the time it might help credit mix wise... and even though it is paid / closed / never late tradeline it still counts against me.

That said as of basically today I am sitting at:

EX 2: 780

EQ 5: 779

That is gold-plated in my book and the CFA notation is on both so ultimately it doesn't really matter and there are plenty of people on this forum with stronger credit profiles than I have.

Fico 2

807 No negative factors (I doubt that)

Fico 5 805

short account history

short revolving history 

no auto loan activity 

consumer finance accounts 

Like I said above damage down already for 10yrs plus when I choose to close out my $32.56 balance on my SOFI. I have one of those pretty scores, but annoyed since I rebuilt my credit from past mistakes, but now the CFA will be a stain on my profile. And when I get CLI rejects with the CFA on there? I have to wonder if that is factor even with highs scores?

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Even being gold plated doesn't guaruntee CLI or application approvals... and when it comes to denial reasons, yeah it could show up in theory depending on which one they decide to show you.  

That said I wouldn't worry about it, you're around 10 points away from perfect (or highest obtainable score) on EQ FICO 5, clearly the CFA can't be hurting you that badly and I doubt anyone that would approve you otherwise is going to worry about the CFA.  

Out of curiosity where are your FICO 8 scores?  830+?

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The CFA is in EX and TU, unsure on EQ as I havent gotten a denial letter using EQ for CLI. Unsure why EQ is so low and Ex as well, Im thinking its due to the CFA?

[Revelate]

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@AzCreditGuy wrote:

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@Revelate wrote:

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@AzCreditGuy wrote:

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@Revelate wrote:

Pretty much what others said: it is hard to isolate CFAs; I only know because mine is on two bureaus and TU has never seen a CFA tag regardless of what scorecard it has been (and that file has been in a LOT of different scorecards over time).

That said if you are in one of the pretty scorecards already it doesn't matter that much and someone already stated the salient: Finances > FICO.

If I ever buy a car again if after negotiating price I can still get a 0% loan from the manufacturer I will take it and don't really care if it codes as CFA objectively, but I am not totally rational and I still gently kick myself for opening up that stupid Cashcall loan to cover a cash shortfall (which I could have done something different to address just would have cost more cash wise but I digress) thought at the time it might help credit mix wise... and even though it is paid / closed / never late tradeline it still counts against me.

That said as of basically today I am sitting at:

EX 2: 780

EQ 5: 779

That is gold-plated in my book and the CFA notation is on both so ultimately it doesn't really matter and there are plenty of people on this forum with stronger credit profiles than I have.

Fico 2

807 No negative factors (I doubt that)

Fico 5 805

short account history

short revolving history 

no auto loan activity 

consumer finance accounts 

Like I said above damage down already for 10yrs plus when I choose to close out my $32.56 balance on my SOFI. I have one of those pretty scores, but annoyed since I rebuilt my credit from past mistakes, but now the CFA will be a stain on my profile. And when I get CLI rejects with the CFA on there? I have to wonder if that is factor even with highs scores?

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Even being gold plated doesn't guaruntee CLI or application approvals... and when it comes to denial reasons, yeah it could show up in theory depending on which one they decide to show you.  

That said I wouldn't worry about it, you're around 10 points away from perfect (or highest obtainable score) on EQ FICO 5, clearly the CFA can't be hurting you that badly and I doubt anyone that would approve you otherwise is going to worry about the CFA.  

Out of curiosity where are your FICO 8 scores?  830+?

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The CFA is in EX and TU, unsure on EQ as I havent gotten a denial letter using EQ for CLI. Unsure why EQ is so low and Ex as well, Im thinking its due to the CFA?

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Well I wouldn't characterize 818/820 as low personally .  I might have a better datapoint for F8 here shortly, EX is sitting at 815 currently with a CFA but there's a smattering of inquiries and new accounts that are depressing the score along with the CFA.  

2 inquries both gone by early July, and I pass 1 year on my newest account in May.  I can't help but think with those gone and if I had a pretty installment utilization I'd be sitting at 850 potentially even with the CFA but it might be useful on an otherwise optimized file other than those two items to see where it lands.  My guess is somewhere around 830ish.  

Any idea what other minor things you have going on besides the CFA?  

[AzCreditGuy]

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@Revelate wrote:

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@AzCreditGuy wrote:

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@Revelate wrote:

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@AzCreditGuy wrote:

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@Revelate wrote:

Pretty much what others said: it is hard to isolate CFAs; I only know because mine is on two bureaus and TU has never seen a CFA tag regardless of what scorecard it has been (and that file has been in a LOT of different scorecards over time).

That said if you are in one of the pretty scorecards already it doesn't matter that much and someone already stated the salient: Finances > FICO.

If I ever buy a car again if after negotiating price I can still get a 0% loan from the manufacturer I will take it and don't really care if it codes as CFA objectively, but I am not totally rational and I still gently kick myself for opening up that stupid Cashcall loan to cover a cash shortfall (which I could have done something different to address just would have cost more cash wise but I digress) thought at the time it might help credit mix wise... and even though it is paid / closed / never late tradeline it still counts against me.

That said as of basically today I am sitting at:

EX 2: 780

EQ 5: 779

That is gold-plated in my book and the CFA notation is on both so ultimately it doesn't really matter and there are plenty of people on this forum with stronger credit profiles than I have.

Fico 2

807 No negative factors (I doubt that)

Fico 5 805

short account history

short revolving history 

no auto loan activity 

consumer finance accounts 

Like I said above damage down already for 10yrs plus when I choose to close out my $32.56 balance on my SOFI. I have one of those pretty scores, but annoyed since I rebuilt my credit from past mistakes, but now the CFA will be a stain on my profile. And when I get CLI rejects with the CFA on there? I have to wonder if that is factor even with highs scores?

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Even being gold plated doesn't guaruntee CLI or application approvals... and when it comes to denial reasons, yeah it could show up in theory depending on which one they decide to show you.  

That said I wouldn't worry about it, you're around 10 points away from perfect (or highest obtainable score) on EQ FICO 5, clearly the CFA can't be hurting you that badly and I doubt anyone that would approve you otherwise is going to worry about the CFA.  

Out of curiosity where are your FICO 8 scores?  830+?

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The CFA is in EX and TU, unsure on EQ as I havent gotten a denial letter using EQ for CLI. Unsure why EQ is so low and Ex as well, Im thinking its due to the CFA?

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Well I wouldn't characterize 818/820 as low personally .  I might have a better datapoint for F8 here shortly, EX is sitting at 815 currently with a CFA but there's a smattering of inquiries and new accounts that are depressing the score along with the CFA.  

2 inquries both gone by early July, and I pass 1 year on my newest account in May.  I can't help but think with those gone and if I had a pretty installment utilization I'd be sitting at 850 potentially even with the CFA but it might be useful on an otherwise optimized file other than those two items to see where it lands.  My guess is somewhere around 830ish.  

Any idea what other minor things you have going on besides the CFA?  

I think we are in the same boat, I have been in the garden since July 2019 with my new accounts at 1 year 8 months and my only oldest account being 6 yrs 2 months. So I am being dinged for this.

I have 6 inqs on EX 5 will drop off in Aug 2021, 1 is for the SBA June 2020.  EQ and TU both 2 inqs that will drop off Aug 2021. So I am being dinged here as well. 

As you can see below I am sitting pretty at 2% CC Ulti and 1% for my personal loan (SOFI) balance is $32 out $12,500. Again unsure why my scores are low on EX and EQ?? Seems the dings and the CFA are costing me some pts. 

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[FinStar]

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@Anonymous wrote:

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@800goal800 wrote:

So leasing or financing a car with the manufacturer is a potential "negative "

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Absolutely.  The problem is that not every loan will code the same for every person.  Some have claimed that Honda Financial has coded as a CFA, others have not.  I know for a fact that on my reports, Ally(GM Financial) codes as a CFA.  Maybe others do not have this designation on their reports.  I know that I will never take the chance of adding another CFA on my reports.  It's like gambling and the question is "Do you feel lucky?"

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Right.  I used to lease + purchased a few Honda vehicles many, many moons ago from HFS and none of the tradelines (nor scoring versions - any flavor) ever spit out a CFA as a negative reason code.

[Revelate]

@AzCreditGuy 

Are you stating drop off (2 years) for those six inquiries or fading to grey do to speak aka discounted at the 1 year mark?

6 scorable inquiries could easily be 20 points on an otherwise golden file.

That's interesting though that you have a pretty installment utilization with the SOFI file, I wonder if there is an age difference or if it is just inquiries if those are within a year, I am at 9 years 5 months oldest and 5 years 10 months AAOA with the two scoreable inquiries on EX.  I would have expected you to be non-trivially higher with the pretty SOFI tradeline as I am sitting plain ugly installment utilization with the mortgages and that isn't getting cleaned up anytime soon.

[AzCreditGuy]

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@Revelate wrote:

@AzCreditGuy 

Are you stating drop off (2 years) for those six inquiries or fading to grey do to speak aka discounted at the 1 year mark?

6 scorable inquiries could easily be 20 points on an otherwise golden file.

That's interesting though that you have a pretty installment utilization with the SOFI file, I wonder if there is an age difference or if it is just inquiries if those are within a year, I am at 9 years 3 months oldest and 5 years 8 months AAOA with the two scoreable inquiries.  I would have expected you to be non-trivially higher with the pretty SOFI tradeline as I am sitting plain ugly installment utilization with the mortgages and that isn't getting cleaned up anytime soon.

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Well for Ex 5 inq are past the 1 year mark since they were in July 2019, they should not be scorable but I just learned that they can cost up to 8 pts. I had a inq on TU that wasnt mine that I had been going back and forth since June 2020 to have it removed and it was just removed about 10 days ago, when that happened my TU shot up to 833 from 825.

The Sofi loaned is only a year and 8 months old, so I am getting dinged for new account as well. 

I honestly dont care to get to 850, but I would rather be over 830 on all 3 and its only happening on one. 

[Anonymous]

@AzCreditGuy wrote:

The Sofi loaned is only a year and 8 months old, so I am getting dinged for new account as well. 

@AzCreditGuy you said you're getting dinged for the new account still? Can you give us your negative Reason and Codes for 5/4/2? I remember the new account reason code disappeared on 2 I think, if I remember correctly, but another thing I was thinking about in regard to your file is you said your oldest was around 6 years?

Is that a loan or a revolver? Because the age of oldest Revolver gives significant points and apparently some of those points are between 6 and 10 years. just thinking of reasons where points could be. but let us take a look at your negative Reason Codes on that if you don't mind and that might help us to figure it out more. (You may have to give us industry option codes if you're too high on classic obviously.)

thank you for your contributions by the way.

[AzCreditGuy]

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@Anonymous wrote:

@AzCreditGuy wrote:

The Sofi loaned is only a year and 8 months old, so I am getting dinged for new account as well. 

@AzCreditGuy you said you're getting dinged for the new account still? Can you give us your negative Reason and Codes for 5/4/2? I remember the new account reason code disappeared on 2 I think, if I remember correctly, but another thing I was thinking about in regard to your file is you said your oldest was around 6 years?

Is that a loan or a revolver? Because the age of oldest Revolver gives significant points and apparently some of those points are between 6 and 10 years. just thinking of reasons where points could be. but let us take a look at your negative Reason Codes on that if you don't mind and that might help us to figure it out more. (You may have to give us industry option codes if you're too high on classic obviously.)

thank you for your contributions by the way.

@Anonymous Yes my Cap 1 is 6yrs and 2 months old and Remember I dont access to TU or EQ, but I decided to get the Myfico 3 scores for total scores and I have to say I am very disappointed with my EQ score  and reasons.

Fico score 2 EX 807 

Neg reasons: Because your score is high, negative score factors present with your score are less actionable and are not provided.

Fico score 4 TU 797 

Neg reasons: You have a short credit history.
You have a consumer finance account on your credit report.
You have not established a long revolving and/or open-ended account credit history

Fico score 5 EQ 759

Neg reasons: You have a short credit history.
You have too many credit cards and/or open-ended accounts carrying balances.
The amount owed on your revolving and/or open-ended accounts is too high.
You have a consumer finance account on your credit report. 

I have 9 CCs on my EQ and 4 with balances, EQ seems the most affected as they show on EX and TU also

1. Citizens $886

2. Us bank $785

3. Chase (AU) $26 

4. Discover (AU) 66

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[Anonymous]

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@AzCreditGuy wrote:

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@Anonymous wrote:

@AzCreditGuy wrote:

The Sofi loaned is only a year and 8 months old, so I am getting dinged for new account as well. 

@AzCreditGuy you said you're getting dinged for the new account still? Can you give us your negative Reason and Codes for 5/4/2? I remember the new account reason code disappeared on 2 I think, if I remember correctly, but another thing I was thinking about in regard to your file is you said your oldest was around 6 years?

Is that a loan or a revolver? Because the age of oldest Revolver gives significant points and apparently some of those points are between 6 and 10 years. just thinking of reasons where points could be. but let us take a look at your negative Reason Codes on that if you don't mind and that might help us to figure it out more. (You may have to give us industry option codes if you're too high on classic obviously.)

thank you for your contributions by the way.

@Anonymous Yes my Cap 1 is 6yrs and 2 months old and Remember I dont access to TU or EQ, but I decided to get the Myfico 3 scores for total scores and I have to say I am very disappointed with my EQ score  and reasons.

Fico score 2 EX 807 

Neg reasons: Because your score is high, negative score factors present with your score are less actionable and are not provided.

Fico score 4 TU 797 

Neg reasons: You have a short credit history.
You have a consumer finance account on your credit report.
You have not established a long revolving and/or open-ended account credit history

Fico score 5 EQ 759

Neg reasons: You have a short credit history.
You have too many credit cards and/or open-ended accounts carrying balances.
The amount owed on your revolving and/or open-ended accounts is too high.
You have a consumer finance account on your credit report. 

I have 9 CCs on my EQ and 4 with balances, EQ seems the most affected as they show on EX and TU also

1. Citizens $886

2. Us bank $785

3. Chase (AU) $26 

4. Discover (AU) 66

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@AzCreditGuy you are the man! I totally forgot you didn't have access to the other two that's the reason we didn't know. But now we are very grateful you did pull that 3B and we now know the new account reason code is not showing on the other two mortgage Scores. When did you make the pull? this month? So that would make your AOYA 20 months? So 17-20 months may be the threshold across all mortgage Scores. It's explicit at TU, because you only have 3 reasons. 

For Version 2, you can check the bankcard and auto Negative Reason Codes, but I think we previously established the New account code was gone there.

well my prediction was correct, as your capital one ages and the average age of your revolvers increases, you will gain points. that's where some of the unaccounted for points are at at on TU4. 

as for EQ5, notice it didn't say too many credit accounts with a balance, it said too many credit cards with a balance. As I recall, EQ tracks that in addition to simple number of AWB (accounts with a balance). So you're probably getting dinged for number of AWB as well and it's at reason number 5.

but that's still a bigger variance than I would expect unless there are some differences in the data. Do you have any differences in data between EQ & TU?

[AzCreditGuy]

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@Anonymous wrote:

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@AzCreditGuy wrote:

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@Anonymous wrote:

@AzCreditGuy wrote:

The Sofi loaned is only a year and 8 months old, so I am getting dinged for new account as well. 

@AzCreditGuy you said you're getting dinged for the new account still? Can you give us your negative Reason and Codes for 5/4/2? I remember the new account reason code disappeared on 2 I think, if I remember correctly, but another thing I was thinking about in regard to your file is you said your oldest was around 6 years?

Is that a loan or a revolver? Because the age of oldest Revolver gives significant points and apparently some of those points are between 6 and 10 years. just thinking of reasons where points could be. but let us take a look at your negative Reason Codes on that if you don't mind and that might help us to figure it out more. (You may have to give us industry option codes if you're too high on classic obviously.)

thank you for your contributions by the way.

@Anonymous Yes my Cap 1 is 6yrs and 2 months old and Remember I dont access to TU or EQ, but I decided to get the Myfico 3 scores for total scores and I have to say I am very disappointed with my EQ score  and reasons.

Fico score 2 EX 807 

Neg reasons: Because your score is high, negative score factors present with your score are less actionable and are not provided.

Fico score 4 TU 797 

Neg reasons: You have a short credit history.
You have a consumer finance account on your credit report.
You have not established a long revolving and/or open-ended account credit history

Fico score 5 EQ 759

Neg reasons: You have a short credit history.
You have too many credit cards and/or open-ended accounts carrying balances.
The amount owed on your revolving and/or open-ended accounts is too high.
You have a consumer finance account on your credit report. 

I have 9 CCs on my EQ and 4 with balances, EQ seems the most affected as they show on EX and TU also

1. Citizens $886

2. Us bank $785

3. Chase (AU) $26 

4. Discover (AU) 66

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@AzCreditGuy you are the man! I totally forgot you didn't have access to the other two that's the reason we didn't know. But now we are very grateful you did pull that 3B and we now know the new account reason code is not showing on the other two mortgage Scores. When did you make the pull? this month? So that would make your AOYA 20 months? So 17-20 months may be the threshold across all mortgage Scores. It's explicit at TU, because you only have 3 reasons. 

For Version 2, you can check the bankcard and auto Negative Reason Codes, but I think we previously established the New account code was gone there.

well my prediction was correct, as your capital one ages and the average age of your revolvers increases, you will gain points. that's where some of the unaccounted for points are at at on TU4. 

as for EQ5, notice it didn't say too many credit accounts with a balance, it said too many credit cards with a balance. As I recall, EQ tracks that in addition to simple number of AWB (accounts with a balance). So you're probably getting dinged for number of AWB as well and it's at reason number 5.

but that's still a bigger variance than I would expect unless there are some differences in the data. Do you have any differences in data between EQ & TU?

@Anonymous Info was pulled today. 

EQ has 10 CCs showing 7 are my personal 3 are au and TU has 8 CCs showing 7 are my personal 1 is a au

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