Loan Offer from Citifinancial

[donkort]

Hello everybody,

I received an offer of a loan of $5,000 from Citifinancial.

Is this a "consumer finance account," thereby automatically lowering my FICO score if I go for it?

Thank you for any responses.

[MidnightVoice]

It is indeed a CFA.

As for its effects on Score, I don't know

[fused]

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@donkort wrote:

Hello everybody,

I received an offer of a loan of $5,000 from Citifinancial.

Is this a "consumer finance account," thereby automatically lowering my FICO score if I go for it?

Thank you for any responses.

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You might take a small hit for having a CF loan on your reports. Do you have any other open installments? What is the purpose of this loan?

[donkort]

I have 3 credit cards, one mortgage (not reporting yet), and a student  loan, all with no lates.  No other installment loans.  My scores are now in the 680's.

Thanks for the replies.

[laz98]

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@fused wrote:

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@donkort wrote:

Hello everybody,

I received an offer of a loan of $5,000 from Citifinancial.

Is this a "consumer finance account," thereby automatically lowering my FICO score if I go for it?

Thank you for any responses.

---

You might take a small hit for having a CF loan on your reports. Do you have any other open installments? What is the purpose of this loan?

---

how small?  what kind of interest rates do these usually come with?

[fused]

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@laz98 wrote:

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@fused wrote:

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@donkort wrote:

Hello everybody,

I received an offer of a loan of $5,000 from Citifinancial.

Is this a "consumer finance account," thereby automatically lowering my FICO score if I go for it?

Thank you for any responses.

---

You might take a small hit for having a CF loan on your reports. Do you have any other open installments? What is the purpose of this loan?

---

how small?  what kind of interest rates do these usually come with?

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YMMV, but probably less than 10-12 points. Probably less if the CFL is your only open installment. As for interest rates, they can vary quite a lot. My wife had a CFL many years ago and her rate was very low because she had very good credit. Of course, we didn't know what a CFL was at that time.

[MidnightVoice]

I think it may also be one of those little picky things that effect your score more as you get up to the high 700s

[fused]

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@MidnightVoice wrote:

I think it may also be one of those little picky things that effect your score more as you get up to the high 700s

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I think that is a "good" assumption. Most people in the high 700's are less likely to have a CFL on their reports. I would also think the scoring bucket for those in the high 700's wouldn't look favorably at those with a CFL on their reports.

[donkort]

Thanks, all, for your insights.

[ficonovice]

I just received the offer from them for a $6000 loan and I'm tempted. I could use the cash in a big

way.

My scores are low however, and I don't think I'd get approved.

TU = 637

EQ = 619

However, my loan officer pulled reports and my TU = 681 (go figure).

I'm in Maryland. Doesn't Citi pull EQ. And if so, 619 wouldn't get approval, would it?

My util is extremely high and I have a paid Tax Lien from 18 months ago showing.

Thanks.