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Open consumer finance LOC

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Open consumer finance LOC

My wife’s scores lag mine a good bit. On all three CRAs have a mobiloans open account with an open line of cfredit of 600 bucks. I’m thinking this can’t be good for her scores, even though it hadn’t been used in several years and the payment history is perfect. It comes up as a positive account, but I don’t see how that could be possible and I’m thinking she needs to remove that trade line and could be the reason our scores are closer. She does have one open collection and one paid from 4 years ago.

 

What are the experts thoughts?

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 09/12/19:


Goal Score: 750+
Message 1 of 4
3 REPLIES 3
Valued Contributor

Re: Open consumer finance LOC

CFA's are bad...

 

The huge difference in my scores are due to AFFIRM. My EX is 30 points lower than my next lowest score and that's due to AFFIRM/CFA financing. 

I had no idea they were a CFA or that perfect, in fact early payoff's on this type of loan were still counted as negative for credit scores..

Sadly, mine were originally "hidden" lines but eventually AFFIRM decided to report and OUCH! It hurt.

 

Avoid CFA's at all cost! 




Message 2 of 4
Valued Contributor

Re: Open consumer finance LOC

I would also say (without knowing the rest of either of your profile) that if she does have 2 collections still reporting and you do not, they are definitely having a negative effect on her scores vs yours. Collections have a pretty big negative impact.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 3 of 4
Valued Contributor

Re: Open consumer finance LOC


@RonM21 wrote:
I would also say (without knowing the rest of either of your profile) that if she does have 2 collections still reporting and you do not, they are definitely having a negative effect on her scores vs yours. Collections have a pretty big negative impact.

 

Just as a DP my profile is 100% clean.

I will add that I have several (slapping my head) Affirm accounts. All closed paid off early but are quoted as "too many CFA accounts" toward a neg on my score.

I could kick myself- I used Affirm before ever reading here and learning how bad they are.

Also the fact they were originally hidden but when they began reporting they put them all on my file(from prior to them deciding to report)- probably thought they were doing me a favor. UGH. 

Perhaps having only one wouldn't affect the score like in my case. 




Message 4 of 4
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