I have the dreaded Consumer Finance reason code...

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

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@Remedios wrote:
He has a lot of new accounts

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I suppose that could be it.  Seeking credit to me didn't sound like a statement for a lot of new accounts, but I'm not expert on those things.  I would have thought the statement would point to something more like too many new accounts or something that was a bit more fitting.

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Seeking credit = inquiries.

Collection = dirty bucket, new accounts isn't even a reason code in them.

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It’s not even collections, it’s PR. BK falls 8/2020. But you’re right, I don’t have new accounts reason codes on any of my scores and I actually don’t take a credit score hit for every new account. I added a card in September, a card and CLOC in December, a store card in December, and I finally lost a few points from each bureau when my PayPal card reported this month. So I got away with 4 new accounts with no score impact before the algorithms decided that I had added too much in a short period of time. 

[Anonymous]

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@Pikaboo-icu wrote:

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@Anonymous wrote:

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@Pikaboo-icu wrote:

All I can say is: I am so very sorry!!!

You know my fight with this and I feel your pain and anger!  

I'm still getting emails (last two Fridays) that they are "still working on my issue" with their specialty dept.

I really feel for you- and Relevate and ALL of us that have fallen to the CFA debacle.

I believe it's completely unfair to not inform consumers BEFORE they use that type of financing that will code this way.

I still have a FTC complaint, now that govt is open again, I will likely follow through, even if Affirm removes them.

People need to make informed credit decisions and they need to be informed when they're signing on the dotted line for a CFA product and that said product can/will be detrimental to their credit, even when paid as agreed.

So sorry!!   

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It really is infuriating but I am starting to cool down... I had to avoid this thread earlier because I was seriously ticked off... but I am calming down now. The bottom line is that my credit is still much better than it was (that TU FICO was 647 in September) and I haven’t been turned down for the credit products that I have truly desired to have. If I was going to be buying a house, it would be an issue. 

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Here's a strange note that fits in with your theory that CFA's don't start becoming a problem until the score starts rising..

Your Mortgage Fico is over 700 and that's where the CFA notation shows up..

It sure seems to fit your theory..

I'm glad you calmed down over it..

It shouldn't hurt you too much as you had only one. It's just rotten they don't warn people..

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Yep I had a feeling that my theory was right. We will probably see some very ticked off members when their Affirm loans start pushing up as the baddies go off. But it doesn’t show up on FICO8 or FICO9 so it’s also gonna take a myFICO or CreditWorks Premium to see as well. 

They really should be forced to disclose the damage a CFA can do to your credit and if I decide to really take issue with it, I may file complaints with the CFPB and my state AG over the deception that the credit bureaus are doing with these accounts. But for now it’s too much work. 😔 

[Anonymous]

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@Anonymous wrote:

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I don’t doubt that CFAs aren’t as impactful as other items as far as your score is concerned but in a manual review? That makes me curious. 

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I tend to believe that they matter even less upon a MR compared to the minimal impact on score.     

[Anonymous]

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@Anonymous wrote:

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Seeking credit is specially related to inquiries. I have 5 inquiries on TU at the moment. 

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How many of those 5 are within the last 365 days?  Even if it's all 5, with inquiry "bucketing" it's possible that your score is being impacted by a lesser number, say 3 of them.  At maybe 5 points apiece, there's 15 points... which would suggest that on the scoring model where your CFA is listed lower than seeking credit it would be impacting your score perhaps 1-14 points.  If less than 5 of your inquiries on TU are within the last 365 days, they aren't scoreable and this number could be less.

[Remedios]

How does a loan get 'CFA' descriptor?
Is that up to CRA or something else

[Pikaboo-icu]

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@Remedios wrote:
How does a loan get 'CFA' descriptor?
Is that up to CRA or something else

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I can answer that as I'm fighting this same battle X9..

I asked it of RobertEG because each was blaming the other..

It can be either the lender or the CB.. In my case, neither seems to want to take "credit" for it. 

[Remedios]

Thank you

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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Seeking credit is specially related to inquiries. I have 5 inquiries on TU at the moment. 

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How many of those 5 are within the last 365 days?  Even if it's all 5, with inquiry "bucketing" it's possible that your score is being impacted by a lesser number, say 3 of them.  At maybe 5 points apiece, there's 15 points... which would suggest that on the scoring model where your CFA is listed lower than seeking credit it would be impacting your score perhaps 1-14 points.  If less than 5 of your inquiries on TU are within the last 365 days, they aren't scoreable and this number could be less.

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All 5 in 365. One in March, one in September, two in December, and one this month. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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I don’t doubt that CFAs aren’t as impactful as other items as far as your score is concerned but in a manual review? That makes me curious. 

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I tend to believe that they matter even less upon a MR compared to the minimal impact on score.     

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This is my thinking as well which is why I have decided, at least for now, to not reach out to Best Egg and ask them to remove the loan. It was a satisfactory loan with no late payments from 8/17 to 1/19. Originally a 36 month term but I got tired of the high interest. I figure the impact of it being a CFA is less than it being a satisfactory installment loan being that without it, come July, I will have zero installment loans reporting. 

[Anonymous]

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@Anonymous wrote:

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.... which is why I have decided, at least for now, to not reach out to Best Egg and ask them to remove the loan. It was a satisfactory loan with no late payments from 8/17 to 1/19. Originally a 36 month term but I got tired of the high interest. I figure the impact of it being a CFA is less than it being a satisfactory installment loan being that without it, come July, I will have zero installment loans reporting. 

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Why do you expect to have zero loans on your reports in July?

If the loan was closed a few weeks ago, and you do not plan on attempting to get it removed, then you should expect it will be on your report for ten years (i.e. through Jan 2029).