Impact of CFA BS

[AzCreditGuy]

I have a GM Buss CC $31K CL...I guess it doesnt matter high your score can be, I just wanted to see what what Marcus would give me and these alt lenders are always the same with the denial reasons...

DATA PTS

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On time

US BANK

4% credit card utilization

$601

WELLS FARGO CARD SERVICE

<1% credit card utilization

$66

BARCLAYS BANK DELAWARE

2% credit card utilization

$47

CITIZENS BANK NA

<1% credit card utilization

$45

CAPITAL ONE

<1% credit card utilization

$18

DISCOVER BANK

<1% credit card utilization

$18

WELLS FARGO CARD SERVICE

0% credit card utilization

$0

BANK OF AMERICA

0% credit card utilization

$0

Show one closed account

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Summary

• $795 Credit cards
• $0 Collections
• $0 Student loans
• $0 Personal loans
• $0 Auto loans
• $0 Home loans

SOFI closed loan since 2020 only had it 2 years or the 6 years and paid it off and the classifed as a CFA, such BS

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[Zoostation1]

Would marcus still be considered an alt lender since it's part of Goldman Sachs?

[FireMedic1]

What did you do? Ask for a CLI or applied for something and was denied. CFA's has been known it affects you until it falls off. Missed your point.

[Revelate]

CFAs are dumb, no lie.  The whole implementation should either be rethought or gotten rid of.

That said the difference between my EQ and EX files is I have a CFA (Cashcall) loan still on EQ after 10 years... and I don't on EX who got rid of it right on time.

You can't really directly compare FICO 8 scores because algorithm awkwardness, but:

EQ FICO 8: 830

EX FICO 8: 834

That's not a lot of penalty for a CFA on an otherwise highly optimized file with the exception of terrible installment utilization.

[Revelate]

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@Zoostation1 wrote:

Would marcus still be considered an alt lender since it's part of Goldman Sachs?

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Maybe, the problem with CFAs is what is and what is not is a constantly moving target and you just never know until it lands on someone's credit report and the reason code pops.

I'd go and dispute mine as being too old on EQ and see what it really does but my god **bleep** construction got pushed back ANOTHER month (literally about a month before I was supposed to close) and I'm not going to play dispute / credit funsies with a mortgage in some state not quite equalling the wind.

[AzCreditGuy]

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@Revelate wrote:

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@Zoostation1 wrote:

Would marcus still be considered an alt lender since it's part of Goldman Sachs?

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Maybe, the problem with CFAs is what is and what is not is a constantly moving target and you just never know until it lands on someone's credit report and the reason code pops.

I'd go and dispute mine as being too old on EQ and see what it really does but my god **bleep** construction got pushed back ANOTHER month (literally about a month before I was supposed to close) and I'm not going to play dispute / credit funsies with a mortgage in some state not quite equalling the wind.

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It diff needs to  be rethought if you dont go to the old dino way of banks, that is old Fiat system that just wont budge. The new money needs to be added for scoring and not penalizing consumers and I know this has been talked to death about but annoys me because I rebuilt my credit from 800 to 430 and back up 790s and that stupid CFA garbage is there