Comments on: How does a Consumer Finance Loan (CFL) Impact My Credit Score? – Episode #110 http://www.videocreditscore.com/consumer-finance-loan-my-credit-score/ Tue, 24 Jan 2012 18:29:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: VideoCreditScore-Andy http://www.videocreditscore.com/consumer-finance-loan-my-credit-score/#comment-1585 VideoCreditScore-Andy Fri, 19 Aug 2011 23:42:42 +0000 http://www.videocreditscore.com/?p=1820#comment-1585 Best advice: Call them and ask them how they qualify it. FYI, I looked at CareCredit's program and it looks like a credit card in the way it's report to credit agencies. Best advice: Call them and ask them how they qualify it. FYI, I looked at CareCredit’s program and it looks like a credit card in the way it’s report to credit agencies.

]]> By: Bravegirl http://www.videocreditscore.com/consumer-finance-loan-my-credit-score/#comment-1576 Bravegirl Wed, 27 Jul 2011 02:30:04 +0000 http://www.videocreditscore.com/?p=1820#comment-1576 I'm considering having some cosmetic dentistry work done and it's much pricier than the limits on my credit cards. I've found Chase health advance and this seems like a good solution (http://www.chasehealthadvance.com/patient-financing/about.asp) but after having watched your video I'm not sure. Would they fall under the category of a consumer finance company? It's Chase so I'm thinking probably not but maybe I'm not really understanding the concept of what a consumer finance loan is...? Any info you can give me would be greatly appreciated! Thanks! I’m considering having some cosmetic dentistry work done and it’s much pricier than the limits on my credit cards. I’ve found Chase health advance and this seems like a good solution (http://www.chasehealthadvance.com/patient-financing/about.asp) but after having watched your video I’m not sure. Would they fall under the category of a consumer finance company? It’s Chase so I’m thinking probably not but maybe I’m not really understanding the concept of what a consumer finance loan is…?

Any info you can give me would be greatly appreciated!
Thanks!

]]> By: John http://www.videocreditscore.com/consumer-finance-loan-my-credit-score/#comment-1535 John Mon, 28 Feb 2011 02:01:24 +0000 http://www.videocreditscore.com/?p=1820#comment-1535 Are peer-to-peer lonas considered fnance loans/inquiries? I obtained a peer-to-peer loan and the inquiry says that it was a fiance loan inquiry. Are peer-to-peer lonas considered fnance loans/inquiries? I obtained a peer-to-peer loan and the inquiry says that it was a fiance loan inquiry.

]]> By: VideoCreditScore-Andy http://www.videocreditscore.com/consumer-finance-loan-my-credit-score/#comment-918 VideoCreditScore-Andy Tue, 21 Jul 2009 23:55:02 +0000 http://www.videocreditscore.com/?p=1820#comment-918 Kristin, payment history is a better indication of risk, and thus, accounts for more of your credit score. That said, the reason consumer finance credit counts against your score is risk. It turns out that people who have them are a greater risk than people who don't. So, it's in the score. You are right though that if you have a really high score, why not take the advantage of free money for 2 years. The skinny is that most people mess up and then interest charges do accrue. Plus, it's not a good idea for people with what I call "fringe" scores -- where they might be close to being in a different rate class if their score drops by just 20 points. Kristin, payment history is a better indication of risk, and thus, accounts for more of your credit score. That said, the reason consumer finance credit counts against your score is risk. It turns out that people who have them are a greater risk than people who don’t. So, it’s in the score. You are right though that if you have a really high score, why not take the advantage of free money for 2 years. The skinny is that most people mess up and then interest charges do accrue. Plus, it’s not a good idea for people with what I call “fringe” scores — where they might be close to being in a different rate class if their score drops by just 20 points.

]]> By: Kristin http://www.videocreditscore.com/consumer-finance-loan-my-credit-score/#comment-916 Kristin Tue, 21 Jul 2009 18:42:57 +0000 http://www.videocreditscore.com/?p=1820#comment-916 "Consumer finance companies" negatively affecting your credit score is BS in my opinion. I opened a charge account with a furniture store not because I had no other options for credit (I have excellent credit) but because they were offering 0% financing for 2 years. I paid off the account before the 2 years was up and was never late on any payment. I could certainly afford the furniture, and could have paid cash but why wouldn't I take advantage of free money for 2 years? It is ridiculous that this negatively affects my credit score. Shouldn't payment history be a better indication? “Consumer finance companies” negatively affecting your credit score is BS in my opinion. I opened a charge account with a furniture store not because I had no other options for credit (I have excellent credit) but because they were offering 0% financing for 2 years. I paid off the account before the 2 years was up and was never late on any payment. I could certainly afford the furniture, and could have paid cash but why wouldn’t I take advantage of free money for 2 years? It is ridiculous that this negatively affects my credit score. Shouldn’t payment history be a better indication?

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