Greetings.
For whatever reason, I drilled down on my Bankcard 3 score (775) today and saw that it was being dinged for (among other things) the presence of Consumer Finance Accounts.
I have an old (closed) Macy's account, as well as an old (also closed) Gap account. Would those be the culprits?
For whatever reason, I drilled down on my Bankcard 3 score (775) today and saw that it was being dinged for (among other things) the presence of Consumer Finance Accounts.
I have an old (closed) Macy's account, as well as an old (also closed) Gap account. Would those be the culprits?
@expatCanuck wrote:
Greetings.
For whatever reason, I drilled down on my Bankcard 3 score (775) today and saw that it was being dinged for (among other things) the presence of Consumer Finance Accounts.
I have an old (closed) Macy's account, as well as an old (also closed) Gap account. Would those be the culprits?
I don't think so. Those sound like revolvers.
I'm not grokking this.
The only other possibilities are past HELOCs (I'd think not), our current HELoan (which I'd again expect not to be in the same category), or a Honda Financial loan (my understanding is that auto loans are not CFA's, tho' perhaps I'm wrong).
No current real-world impact here, but I'd really like to know so that I don't make an error going forward.
The only other possibilities are past HELOCs (I'd think not), our current HELoan (which I'd again expect not to be in the same category), or a Honda Financial loan (my understanding is that auto loans are not CFA's, tho' perhaps I'm wrong).
No current real-world impact here, but I'd really like to know so that I don't make an error going forward.
@Anonymous wrote:Why would Honda Financial code as a CFA when it's clearly an auto (installment) loan?
I've had 3 loans through Honda Financial between 2012-2015 and none of them have ever resulted in a CFA on my CR.
IIRC you went from dirty to 800+ and may not have gotten reason codes as such.
I know you have occasional 3B reports, might be worth looking at the older models to see; anecdotally it does seem like captive lenders are being tagged as CFA's these days.
Also I'm not entirely sure how they tag CFA's, think it almost has to be on name and the reported tradeline name might not match others as those do change over time but not on closed accounts typically.
I don't think we had much in the way of reports on auto loans being CFA's until recently, this wasn't a long term thing... I'm generally a supporter of credit scoring in general, but CFA's are totally and completely lame in the way they're handled - find a different way to keep score FICO than on a label that appears to have shifting goalposts.
