Consumer Finance Installment Loan vs Consumer Finance Revolving Credit

[Anonymous]

I'm trying to improve my credit and get a better interest rate.  Would getting a consumer finance loan that is an installment loan to payoff my consumer finance revolving credit line improve my score?  Or would it hurt it because it's brining another consumer finance account onto my cr?

[haulingthescoreup]

What is the "consumer finance revolving credit" line? That's not ringing a bell with me.

That might not be a derog, if it's revolving.

Have you checked out local credit unions to see if you can get a loan there? These should not be coded as CFL's. You mainly want to avoid companies with "finance" in their names, like CitiFinance, Wells Fargo Financial, and so forth. And there are other loans that get coded this way --I'm thinking loans from furniture stores and so forth.

[Anonymous]

A little confused. CF revolving account. Is that like a line of credit from a consumer finance company? Anything marked as consumer finance is bad. I would guess that some consumer finance companies have pos items to offer. But if they are titled as CF it's neg from what I learned.

To answer your question specifically about taking out a CF installment to pay it off. Negative. Will hurt.

Taking an installment to pay it off is not bad, just don't seek consumer finance as a type of installment.