I would want to see every tradeline on the report and the full reason codes before suggesting that any store card = CFA.
I have had a store card, from the same underwriter (Synchrony) as have plenty of others, without that CFA tag showing up on the reports on bureaus that it reports to... almost always CFA's are of the installment loan format, actually I cannot think of one offhand that is not.
More likely it was an auto loan since some dealer financing loans appear to have been recharacterized. CFA's suck, and yeah Equifax does hate them in my experience, but Synchrony tradelines aren't counted as such unless that is a very recent change.
@Anonymous wrote:
@Pikaboo-icu wrote:Yes, it's reported as a charge card and the balance was $345.
It's rather strange.. /shrugs
Next month I''ll have it report zero and allow a visa to report and see what happens..
Hi Pika. Charge cards do not count toward utilization in FICO 8. That's why, from that algorithm's perspective, you had all your credit cards at $0. Because you did in fact have all your credit cards at $0 (a charge card is not a credit card).
When AZEO is formally described, there's typically the disclaimer that the one card that reports a balance should be...
(a) A true credit card (not a charge card)
(b) A card in your name (not an AU card)
(c) A card with a balance of at least $5
(d) A card with a credit limit of at least 34.9k
Much of the time, however, people omit those four caveats.
Thank you very much CreditGuyInDixie!
That makes it a lot more clear!!
@Anonymous wrote:
@uga03More than likely it’s being considered a consumer account and not a credit card which carries a low negative impact.Is your response above to the OP or someone else? If it's the OP, I'd strongly disagree with you that his Amazon store card is being viewed as a CFA.
This.. ^^
It is definitely NOT a CFA.
I've had the card several years and at times allowed a small balance to report up to $1500. once IIRC but mostly I PIF.
Made the mistake of believing it would count in the AZEO equation- it did not.
It's no biggie, I'm not trying to raise my score for anything important but I am trying to learn the algorithm for the future.
CHEERS
@Anonymous wrote:
@RevelateI would want to see every tradeline on the report and the full reason codes before suggesting that any store card = CFA.
I have had a store card, from the same underwriter (Synchrony) as have plenty of others, without that CFA tag showing up on the reports on bureaus that it reports to... almost always CFA's are of the installment loan format, actually I cannot think of one offhand that is not.
Agreed. If store cards were ever considered CFAs we'd have at the very least a handful (probably more) of people on this forum referencing presence of CFA negative reason statements.
Oh my stars YES!
I have a couple of these from AFFIRM, from a few years ago.
They're terrible- they were originally a hidden tradeline but then changed their terms and began reporting..
I always paid them off early so the accounts are positive BUT they aren't.
I had no idea these would be a neg on my score and they are exactly what keeps my EX score considerably lower than the other two.
I've not seen any card or other line I have that reports as a CFA