"Consumer Finance Account" - is Home Depot Project Loan, this designation?

[Anonymous]

Hello folks.

I'm looking to get the Home Depot Project Loan card, but am having concerns about it's scoring designation; hopefully not a CFA.

There were some posts on this here in 2012, but it doesn't appear that there was a concrete resolution on what this card is designated as.

It's taken quite awhile to rebuild my credit -- currently FICO 8's all in the 770s -- so I am not in a hurry to get it beat down 50-100 points. Maybe that sounds exaggerated, but I really have no idea what this will do.

Does anyone have a fathom about the ongoing scoring, and what hit the initial approval will do to my credit scores.

Can anyone help in 2021?

Thank you

[FireMedic1]

I saw a thread where a poster listed all their accounts. They were trying to find out which one was the CFA. Home Depot was one of them listed. Turns out it was a Ally Auto loan. That card is serviced by Mastercard. Which is a credit card. You can always call and ask.

[Anonymous]

From my research and observed data points, CFAs are always installment accounts. Revolving accounts do not code as CFA, so you should be good. Unfortunately, there isn't much concrete data surrounding what is or isn't a CFA.