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This is Just Mind Boggling!!

Super Contributor

Re: This is Just Mind Boggling!!


@Pikaboo-icu wrote:

And yes, I believe having several hurts more, perhaps only one wouldn't cause damage.  I get the scoring note: "Too many CFAs

 


I'm assuming you didn't grab your score after your first CFA showed up and then again after others did?  It would be cool to know the impact of one verses multiples, but I'm sure that's very hard to isolate and most of the time people that take on CFAs don't even realize that they're doing so.

 

When you said "Too many CFAs" can you clarify the exact wording of the negative reason statement you're seeing and what the source of that statement is?  I believe I've see the negative reason statement that says something like "Presence of a Consumer Finance Account" but not one that references "too many."  I'm just wondering if that reason code actually changes when going from 1 to 2 or something.

Message 11 of 22
Valued Contributor

Re: This is Just Mind Boggling!!


@BrutalBodyShots wrote:

@Pikaboo-icu wrote:

And yes, I believe having several hurts more, perhaps only one wouldn't cause damage.  I get the scoring note: "Too many CFAs

 


I'm assuming you didn't grab your score after your first CFA showed up and then again after others did?  It would be cool to know the impact of one verses multiples, but I'm sure that's very hard to isolate and most of the time people that take on CFAs don't even realize that they're doing so.

 

When you said "Too many CFAs" can you clarify the exact wording of the negative reason statement you're seeing and what the source of that statement is?  I believe I've see the negative reason statement that says something like "Presence of a Consumer Finance Account" but not one that references "too many."  I'm just wondering if that reason code actually changes when going from 1 to 2 or something.


No, I didn't sorry. That would have been helpful but I wasn't monitoring my score at the time and was unaware the loans paid early would be viewed as neg. I was a dope and thought they would be helpful.. UGH

 

On My Fico it just says: Presence of a CFA on a few other sites, it states: Too many CFAs. Experian's site and another, I can't recall of the top of my head but I'll watch for it when I do the rounds & check my scores again. It's a site offered by one of my credit cards, I just can't recall which one atm.  The only CB they report on is EX. 

Message 12 of 22
Valued Contributor

Re: This is Just Mind Boggling!!


@BrutalBodyShots wrote:

@Pikaboo-icu wrote:

And yes, I believe having several hurts more, perhaps only one wouldn't cause damage.  I get the scoring note: "Too many CFAs

 


I'm assuming you didn't grab your score after your first CFA showed up and then again after others did?  It would be cool to know the impact of one verses multiples, but I'm sure that's very hard to isolate and most of the time people that take on CFAs don't even realize that they're doing so.

 

When you said "Too many CFAs" can you clarify the exact wording of the negative reason statement you're seeing and what the source of that statement is?  I believe I've see the negative reason statement that says something like "Presence of a Consumer Finance Account" but not one that references "too many."  I'm just wondering if that reason code actually changes when going from 1 to 2 or something.


Found another source of that verbiage: Wells Fargo Fico Score. It does say "one or more" but I still think having several is more harmful, however, it's just a theory. I find it hard to believe one would cost me 20-30 points.. I believe my penalty is closer to 30. 

 

CFA.png

 

Sorry for jacking your thread Queen. "Twas unintentional. give_daisies.gif

Message 13 of 22
Super Contributor

Re: This is Just Mind Boggling!!

Tough to say with FICO scoring what exactly the algorithm is looking at.  One would think that (say) 5 or 6 different 30 day late payments would result in a lower score than just 2 different 30 day late payments on otherwise identical profiles, but with diminishing returns the adding of 3, 4, 5 etc. really isn't relevant to scoring and often results in little to no additional adverse scoring impact.

 

But that's late payments and doesn't have anything to do with CFAs.

Message 14 of 22
Frequent Contributor

Re: This is Just Mind Boggling!!

Congrats, Queen Etherea!!



Message 15 of 22
Frequent Contributor

Re: This is Just Mind Boggling!!

@BrutalBodyShots

It has one 30 day late from 2013. I contacted the company and they said they sent a thing to all 3 CRA’s to remove it, but I’m still waiting. Nothing else besides that.

I am in the garden until next year!




Collections: 1 (medical-paid: $80)
Late Payments: 1 (30 day from 2013-GOODWILL GRANTED! 10/31--Should be deleted soon--Still waiting!)
Starting Scores (3/2018): 580 range
Message 16 of 22
Frequent Contributor

Re: This is Just Mind Boggling!!

@Pikaboo-icu

Nope! I only have credit cards/car loans. All accounts are open except for the 3 car loans that I paid off.

I am in the garden until next year!




Collections: 1 (medical-paid: $80)
Late Payments: 1 (30 day from 2013-GOODWILL GRANTED! 10/31--Should be deleted soon--Still waiting!)
Starting Scores (3/2018): 580 range
Message 17 of 22
Frequent Contributor

Re: This is Just Mind Boggling!!

@WarCulture

Yay!!! You’ll get there as long as you stay in the garden and keep paying your stuff on time. Only reason mine went up was because my accounts aged to 2 years and my oldest account went to 12 years.

I am in the garden until next year!




Collections: 1 (medical-paid: $80)
Late Payments: 1 (30 day from 2013-GOODWILL GRANTED! 10/31--Should be deleted soon--Still waiting!)
Starting Scores (3/2018): 580 range
Message 18 of 22
Frequent Contributor

Re: This is Just Mind Boggling!!

@Pikaboo-icu

No worries!! I’ve never heard of CFA’s before so it was interesting to read. What exactly are those anyways? Is it a loan, a store card? I’m interested to hear examples of CFA’s.

I am in the garden until next year!




Collections: 1 (medical-paid: $80)
Late Payments: 1 (30 day from 2013-GOODWILL GRANTED! 10/31--Should be deleted soon--Still waiting!)
Starting Scores (3/2018): 580 range
Message 19 of 22
Super Contributor

Re: This is Just Mind Boggling!!

CFAs are Consumer Finance Accounts... you'll typically find these offered through places where once may want to finance a purchase without taking out a loan/CC.  A good example of this would be purchasing furniture at a furniture store, or perhaps a piece of electronics at an electronics store.  Such a store may not have it's own [store] CC, but may offer financing for a purchase.  Historically, CFAs were "last resort" types of credit, typically used by those that couldn't otherwise obtain credit for such purchases, or be able to make the purchases without the CFA.  As a result, CFAs were always viewed negatively by the FICO algorithm.  

 

I don't really think a CFA these days is really indicative of anything adverse under many circumstances.  I bought furniture back in 2013 or so and went into the store with every intention of using cash, but the salesman pushed their store financing on me.  He told me it was 0% for 12 months or whatever, that it would help build my credit, etc.  At the time I knew nothing about FICO scores, but I figured I could just use the store financing and pay the thing right off.  I ended up paying it off in half the time.  Fortunately, the account was never actually coded as a CFA, so I never saw any adverse scoring impact.   

Message 20 of 22