Would I be at 850 if it wasn't for the CFA?

[AndySoCal]

The score factors shown are in order of impact on the score. How much it is a factor in points you do not know.

[NoMoreE46]

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@Anonymous 

I'm trying to remember where I was able to get negative reason statements from when my scores were above 800, but under 850.  I know the sources were few and far between, but there was definitely one that you would get a list even with a score of 849.  I'm sure others can help me out with this. 

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I actually have another post kind of related to this but to answer the above:

DW has the following negative factors for her 849 score. 

Your credit score (TransUnion FICO® Score 9) as of January 20, 2021: 849

Key factors that adversely affected your TransUnion FICO® Score 9:

• Proportion of loan balances to loan amounts is too high
• Time since most recent account opening is too short
• Too many accounts with balances
• Length of time accounts have been established
• Number of inquiries

[Anonymous]

Yup, good reference above. 

What is the source of those negative reason statements?  Is through a bank account?

[NoMoreE46]

It was from Goldman Sachs regarding a CLI request for her Apple Card.

[FlaDude]

I'm paying off my Lending Club loan this month so by next month I should have no CFAs on my report, I'll report back if I can discern any score change affected by the lack of a CFA.

[Anonymous]

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@FlaDude wrote:

I'm paying off my Lending Club loan this month so by next month I should have no CFAs on my report, I'll report back if I can discern any score change affected by the lack of a CFA.

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Paying off the loan won't remove it from your report though, will it?  If it's like any other account one would expect it to remain on your reports closed for around 10 years.  The impact of a closed CFA verses open CFA from what I understand is the same, as a CFA reason code shift doesn't happen to my knowledge from a CFA closure.

[FlaDude]

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@Anonymous wrote:

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@FlaDude wrote:

I'm paying off my Lending Club loan this month so by next month I should have no CFAs on my report, I'll report back if I can discern any score change affected by the lack of a CFA.

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Paying off the loan won't remove it from your report though, will it?  If it's like any other account one would expect it to remain on your reports closed for around 10 years.  The impact of a closed CFA verses open CFA from what I understand is the same, as a CFA reason code shift doesn't happen to my knowledge from a CFA closure.

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That's a good thing to consider. If so, anyone who's had a CFA in the past 10 years would still potentially get that reason code. I don't have any plans to apply for credit so won't have any easy way to find out whether that reason code is still there, but I do plan to keep everything I can the same next month to try to isolate any score change. 

[Anonymous]

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@FlaDude wrote:

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That's a good thing to consider. If so, anyone who's had a CFA in the past 10 years would still potentially get that reason code. I don't have any plans to apply for credit so won't have any easy way to find out whether that reason code is still there, but I do plan to keep everything I can the same next month to try to isolate any score change. 

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Yeah I've read that many people have tried to close CFAs to get rid of the reason code, but even after closure it remains.  Many people are frustrated by having a CFA impact their scores for another decade following closure.  I'm not sure if you have a Discover card, but they along with some other lenders are capable of providing you with negative reason statements at times, such as when you get denied for a CLI for example.

[FlaDude]

Thanks. No Disco for me, but I suppose I could try a CLI request on another card to see what they give for a reason if they deny.

[Anonymous]

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@FlaDude wrote:

Thanks. No Disco for me, but I suppose I could try a CLI request on another card to see what they give for a reason if they deny.

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You could look at old CLI attempt denial letters if you have any to see what sort of info your lenders provide with the letter.  You may come across some negative reason statements that way to give you a little direction going forward.