Consumer Finance Accounts

[MissLiz]

Do we have any DP's about how badly having a CFA on your CR can affect your score? I had a (positive) Affirm account pop up that changed my AoYA, but now that I've joined the forum, I see that CFA's, even positive ones have a negative effect. I don't know why I didn't expect it to report, but it did take me by surprise. 

Lesson learned. No more pay in installments for me.  

[SouthJamaica]

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@MissLiz wrote:

Do we have any DP's about badly having a CFA on your CR can affect your score? I had a (positive) Affirm account pop up that changed my AoYA, but now that I've joined the forum, I see that CFA's, even positive ones have a negative effect. I don't know why I didn't expect it to report, but it did take me by surprise. 

Lesson learned. No more pay in installments for me.  

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It's guesswork, but here are a few threads wrestling with that question:

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Attempting-to-isolate-CFA-point-loss/m-p...

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-bad-are-consumer-finance-accounts-re...

[MissLiz]

@SouthJamaica  Thank you! I read all the messages on both threads then promptly paid off my Affirm. 

My ten year clock starts ticking now!

[FlaDude]

Is it shown anywhere which accounts are considered CFAs? I have the "too many CFA" reason code on some of my scores (from Extra Credit/credit.com), and assume they are from one or more of these: Service Finance, Prosper, Marcus, Lending Club. They are all closed but won't drop off my reports until 2029-2031, except for Marcus which for some reason has already dropped off even though I got it around the same time as the Prosper and Lending club loans.

[MissLiz]

@FlaDude  I checked myFICO 3B reports and Affirm is only reporting on EX, but I couldn't find CFA listed anywhere. Account type says "other," so I logged into my EX to view report and couldn't find it either. I can't pull my weekly annualcreditreport.com until tomorrow, so I'll see if I can find it listed there and report back. 

[FlaDude]

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@MissLiz wrote:

@FlaDude  I checked myFICO 3B reports and Affirm is only reporting on EX, but I couldn't find CFA listed anywhere. Account type says "other," so I logged into my EX to view report and couldn't find it either. I can't pull my weekly annualcreditreport.com until tomorrow, so I'll see if I can find it listed there and report back. 

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I just pulled all three of my reports from annualcreditreport.com and I don't see any obvious indicator.

[MissLiz]

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@FlaDude wrote:

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I just pulled all three of my reports from annualcreditreport.com and I don't see any obvious indicator.

Weird. You would think it would be there of all places. Hopefully someone with more knowledge on the subject will chime in. 

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[pizzadude]

Unfortunately there are no account identifiers or notations which allow you to identify which accounts on your reports are considered CFAs.

The only way to know they're present is through the FICO scoring reasons that will mention the presence of a consumer finance account. 

[MissLiz]

@pizzadude  Oof. I don't like that they can see something I don't see. 

[SouthJamaica]

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@FlaDude wrote:

Is it shown anywhere which accounts are considered CFAs? I have the "too many CFA" reason code on some of my scores (from Extra Credit/credit.com), and assume they are from one or more of these: Service Finance, Prosper, Marcus, Lending Club. They are all closed but won't drop off my reports until 2029-2031, except for Marcus which for some reason has already dropped off even though I got it around the same time as the Prosper and Lending club loans.

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All 3 of them might well be CFA's.  There are conflicting reports in the forum.

Here it's said that Prosper and Lending Club are considered CFA's: https://ficoforums.myfico.com/t5/Personal-Finance/Master-list-of-providers-products-that-are-flagged...

I've never heard of "Service Finance".