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helpmeout

Does affirm add positive points on your credit?

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I just had a question since everytime you use affirm you get a soft pull which doesn't harm your score but as you're paying the loan does it positively effect your credit score/report?

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1 hour ago, helpmeout said:

I just had a question since everytime you use affirm you get a soft pull which doesn't harm your score but as you're paying the loan does it positively effect your credit score/report?

What is affirm?

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49 minutes ago, PotO said:

What is affirm?

Its just a credit line that lets you pay for products over time with some even being as low as 0% interest. It basically just gives you time to pay if you can not afford the full item but need it like car tires etc or for stupid ppl buying things u dont need.

Edited by helpmeout

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I had to check this one out because it was news to me (and, likely, because I'm still shedding a tiny tear over BlisPay -- take a leak on it if you must, but 0% for 6 mo AND 2% cashback ... I found it a lovely pygmy in the credit forest).

 

Affirm seems largely innocuous to me.  PayPal Bill Me Later is a far more consumer friendly product, and has far greater "credit builder" potential.

 

What's not clear to me is whether it reports as revolving or installment.  The structure of the credit contract strongly smacks of installment.  If so, do you end up with a new tradeline with every purchase?

 

Responding to OP's original question, any positive tradeline (certain finance tradelines excluded) potentially helps your credit.  Unfortunately, with a "rinse and repeat" use of this account, my guess is you rack up new tradelines that would diminish your average age of accounts.

 

In other words, it's not a terrible finance option, but a standard revolver with a tolerable interest rate would be a preferred vehicle.  (Goes without saying that for modest to moderate purchases, saving cash and PIF is the prime option.)

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33 minutes ago, hdporter said:

I had to check this one out because it was news to me (and, likely, because I'm still shedding a tiny tear over BlisPay -- take a leak on it if you must, but 0% for 6 mo AND 2% cashback ... I found it a lovely pygmy in the credit forest).

 

Affirm seems largely innocuous to me.  PayPal Bill Me Later is a far more consumer friendly product, and has far greater "credit builder" potential.

 

What's not clear to me is whether it reports as revolving or installment.  The structure of the credit contract strongly smacks of installment.  If so, do you end up with a new tradeline with every purchase?

 

Responding to OP's original question, any positive tradeline (certain finance tradelines excluded) potentially helps your credit.  Unfortunately, with a "rinse and repeat" use of this account, my guess is you rack up new tradelines that would diminish your average age of accounts.

 

In other words, it's not a terrible finance option, but a standard revolver with a tolerable interest rate would be a preferred vehicle.  (Goes without saying that for modest to moderate purchases, saving cash and PIF is the prime option.)

Poor PissPay.  The cowards still don’t show their face. 

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17 hours ago, sexonthebeach said:

I used it!

Credit without a hard pull!

Whats not to like?

inquiries don't matter.

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18 hours ago, sexonthebeach said:

I used it!

Credit without a hard pull!

Whats not to like?

I know who you are 🤭

 

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On 3/20/2019 at 9:05 AM, sexonthebeach said:

U do huh?

Who AM I?

I was just playin' :wave:

 

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I'm about to app with Affirm for an engagement ring.  I could easily put it on any of my cards, but assuming I can get 0% for 12mo, I would prefer the cash-flow-friendly version.

 

It looks to be a personal loan, and likely shows up as such.  They (soft) pull Experian, and from what I hear, report to EX as well.

 

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