US bank denied CLI and those pesky CFA codes

AzCreditGuy · ‎05-19-2021

US Bank denied my CLI and I know I got one within the last 6 months so that's the reason. I am at $13k and just seeing if they would give me more. I did not know they pulled Transunion 9 for CLI requests? My score was 826 as of 04/28/21 and reason codes below:

Length of time accounts have been established
Too many consumer finance company accounts

I have a SOFI loan that is modern with the times, instead of the banks way of the 1940s. This CFA BS is annoying and I know I shouldnt care because of my scores, but I have to wonder what hit I am taking on the CFA code? And how many points I am really losing...

Titans84 · ‎05-19-2021

Has it been 7 months since your CLI? If not, you should be able to try again at 7 months.

Current FICO 8:

US Bank Cash+ (PC from Perks+) | 05/2007 | $10,000

AMEX Blue Cash Preferred (PC from Blue) | 09/2008 | $25,000

US Bank Cash+ (PC from Platinum) | 12/2014 | $20,000

Goldman Sachs' Apple Card | 08/2019 | $28,000

Chase Freedom Unlimited | 09/2019 | $16,000

Elan Max Cash Preferred | 05/2021 | $25,000

FNBO Evergreen Rewards | 07/2021 | $25,000

Affinity FCU Cash Rewards | 04/2022 | $32,500

US Bank Altitude Connect (PC from Altitude Reserve) | 09/2023 | $15,000

Chase Sapphire Preferred | 05/2024 | $23,000

Bank of America Premium Rewards | 04/2025 | $22,500

Brian_Earl_Spilner · ‎05-19-2021

Asking how many points you lose from a CFA is like asking how many licks it takes to get to the center of a Tootsie roll pop. The world may never know.

LawStudentCivilis · ‎05-19-2021

Interesting, I thought the wisdom was CFA's only affect mortgage scores? I have to agree with you about the outdated attitude towards modern finance. I do feel like I am passing up good options that would be financially beneficial since I do not want nor need any negative impact on my scores that is unnecessary.

Remedios · ‎05-19-2021

Since this isn't at all about denied CLI (clearly OP us aware of at least one reason why it was denied), thread will be moved to scoring which is a proper place for CFA discussion.

FinStar · ‎05-19-2021

@AzCreditGuy wrote:
US Bank denied my CLI and I know I got one within the last 6 months so that's the reason. I am at $13k and just seeing if they would give me more. I did not know they pulled Transunion 9 for CLI requests? My score was 826 as of 04/28/21 and reason codes below:
Length of time accounts have been established
Too many consumer finance company accounts
I have a SOFI loan that is modern with the times, instead of the banks way of the 1940s. This CFA BS is annoying and I know I shouldnt care because of my scores, but I have to wonder what hit I am taking on the CFA code? And how many points I am really losing...

Were you around before the 1940's? Last I recall CFAs - their coding and presence -- are part of what's modern with the times. Credit scoring systems are also fairly modern. Maybe the research wasn't done in advance to learn that a variety of SOFI loan products would code as CFAs as opposed to the traditional banks (and their affiliates or even CUs) that offer similar loan products without the CFA [negative reason code] impacts 🤷‍♂️

As mentioned upthread, there's no viable method to determine what point losses would occur despite your current scores. What is certain, the CFA coding will remain until the tradeline is off your CRs.