Removing CFA’s

[Arian7798]

Hello Everyone, 

I was wondering if its a good idea for me to try to remove my 3 CFA's from my reports. They were all paid on time and closed ~1.5-2 years ago. My reason codes are  

1- short credit history ( oldest 6.3 yrs- AAoA is 2.9 ) 

2- Too many CFA's. 

3- Length of time revolving accts have been established

4- Number of accts with delinquency ( 1 30 day late 2 yrs ago)

5- Number of inquiries  

How much are these CFA's really affecting my score? 

Thanks 

[FireMedic1]

The impact to your FICO Scores depends on each individual report and there is some variance. Nevertheless, a finance company will lower FICO Scores between 12 to 15 points on average the entire time that lender account remains on your credit report. You can try GW letters. But the payment history is in your favor more than it being a CFA.

[AzCreditGuy]

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@Arian7798 wrote:

Hello Everyone, 

I was wondering if its a good idea for me to try to remove my 3 CFA's from my reports. They were all paid on time and closed ~1.5-2 years ago. My reason codes are  

1- short credit history ( oldest 6.3 yrs- AAoA is 2.9 ) 

2- Too many CFA's. 

3- Length of time revolving accts have been established

4- Number of accts with delinquency ( 1 30 day late 2 yrs ago)

5- Number of inquiries  

How much are these CFA's really affecting my score? 

Thanks 

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@Arian7798 You have the same credit profile as me minus #4, which is prob affecting your score more than the CFA. I have brought this CFA garbage as many others like yourself have also, I opened a SOFI loan not knowing it would be "categorized" CFA due to non bank routes aka old logic that hasn't been updated to 2021. Even with the CFA loan on my report I was able to get over 800+ on all three...

Its when I decided to close this "CFA" loan that my scores dropped by a lot....

If I try to remove that CFA loan from my report I am pretty sure my scores will drop even more, due to no loan history. Even with the "CFA" label I am pretty sure its helping my scores and it will be on my report for the next 10 years. The BS that is Fico is I will still get the negative code of " Too many  consumer finance accounts" on my report, even though the CFA is closed and paid off....

[Arian7798]

Thanks for the info @AzCreditGuy  @FireMedic1 

I sent a GW letter last week to try to get that 30 day removed. Its with Capital One. I read here theyre being lenient with removals these days so fingers crossed. 

do you guys know if the CFA logic has been updated for FICO 10? 

[AzCreditGuy]

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@Arian7798 wrote:

Thanks for the info @AzCreditGuy  @FireMedic1 

I sent a GW letter last week to try to get that 30 day removed. Its with Capital One. I read here theyre being lenient with removals these days so fingers crossed. 

do you guys know if the CFA logic has been updated for FICO 10? 

Does it matter? I mean Fico 9 was the new Fico model and yet the Industry will not let go of Fico 8 ....

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[Arian7798]

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@AzCreditGuy wrote:

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@Arian7798 wrote:

Thanks for the info @AzCreditGuy  @FireMedic1 

I sent a GW letter last week to try to get that 30 day removed. Its with Capital One. I read here theyre being lenient with removals these days so fingers crossed. 

do you guys know if the CFA logic has been updated for FICO 10? 

Does it matter? I mean Fico 9 was the new Fico model and yet the Industry will not let go of Fico 8 ....

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Thats true but I think Fico 10T will have a better chance of actually getting more of the industry to switch over from the ol' Fico 8 

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[Anonymous]

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@Arian7798 wrote:

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@AzCreditGuy wrote:

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@Arian7798 wrote:

Thanks for the info @AzCreditGuy  @FireMedic1 

I sent a GW letter last week to try to get that 30 day removed. Its with Capital One. I read here theyre being lenient with removals these days so fingers crossed. 

do you guys know if the CFA logic has been updated for FICO 10? 

Does it matter? I mean Fico 9 was the new Fico model and yet the Industry will not let go of Fico 8 ....

---

Thats true but I think Fico 10T will have a better chance of actually getting more of the industry to switch over from the ol' Fico 8 

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I highly doubt the change to FICO 10T will happen soon or be quick when it does. FICO 5/4/2 are still used for mortgages and even for loan products from several banks.

[Anonymous]

I can assure you Capital One is by far NOT lenient. I have been trying to get a card that I defaulted on 3 years ago but settled in court 2 months ago and immediately paid in full updated on all 3 of my reports. It has been impossible. Capital One has refused to.  They're claiming to not have received the money yet so are reporting the entire balance as written off. I have provided all 3 bureaus with court documents and my receipt.  All 3 refuse to update my report. I've gone as far as filing a formal complaint with the CFPB and I have still gotten no where yet my complaint is closed. My next move is hiring a lawyer because I was denied a mortgage over this entire mess. So, I wish you the best of luck.