Sort of doubt it: we don’t know how much CFA’s ding but throughout my own journey EX with a CFA was always higher than TU FICO 8 without one.
TU FICO 4 has always liked me though even today with a 60D late from just over a year ago, CFA’s might have more weight on the older algorithms.
EQ which also has the CFA is typically my lowest.
I get my CFA dropping off in two more years: may even ask for EE to try to get a clean datapoint.
Given that I have reached 780+ on EX FICO 2 and also 820+ on EX FICO 8 I have my doubts that a CFA is much damage.
TU FICO 4 has always liked me though even today with a 60D late from just over a year ago, CFA’s might have more weight on the older algorithms.
EQ which also has the CFA is typically my lowest.
I get my CFA dropping off in two more years: may even ask for EE to try to get a clean datapoint.
Given that I have reached 780+ on EX FICO 2 and also 820+ on EX FICO 8 I have my doubts that a CFA is much damage.
@Anonymous wrote:
My Experian has finally caught up with my others. 730 range. Maybe it doesn't hurt so much... I'll keep mine regardless since it's my oldest account.
That and I missed part of it: 9 inquiries vs. 4/3, ding.
Seeking credit > CFA penalty wise.
I don't know of any explicit breakpoints before AAOA 2 years but that was on EQ FICO 5 (old Scorewatch product here) FICO 8 monitoring wasn't released till later.
I think the more likely scenario is that a CFA doesn't really matter that much, it's always near the very bottom for me on the reason code list if it shows up at all... it is stupidly easy to push it off, like let 4/19 accounts report a balance on a pretty clean EX FICO 2 scorecard, CFA gets pushed to #5 and off the table.
I don’t really think the banks care that much, it’s expected if you have bad or no credit that you may need to pick up a weird tradeline, but the fact that you (and I) paid it is a positive that outweighs whatever minor negative there is. Sure I know exactly when my CFA will fall off my report and I am even thinking about trying to get it excluded early when it gets near, but I am not marking days or anything.
BBS is right that we obsess over some credit things that aren’t really that big of a deal: CFA, inquiries (well single inquiry anyway not much additional damage), even if I am brutally honest singleton 30D or 60D lates apparently on files with history.
As long as the long term is basically up and to the right and doesn’t drop below say a 740 for your middle mortgage score at least currently it just doesn’t really matter.
Credit market might tighten up, it has been awfully loose since 2013 so that math may change some given that consumer data seems to be worsening, but I doubt it will change UW standards for credit cards that much, just limit extensions will likely get smaller.
BBS is right that we obsess over some credit things that aren’t really that big of a deal: CFA, inquiries (well single inquiry anyway not much additional damage), even if I am brutally honest singleton 30D or 60D lates apparently on files with history.
As long as the long term is basically up and to the right and doesn’t drop below say a 740 for your middle mortgage score at least currently it just doesn’t really matter.
Credit market might tighten up, it has been awfully loose since 2013 so that math may change some given that consumer data seems to be worsening, but I doubt it will change UW standards for credit cards that much, just limit extensions will likely get smaller.