Affirm Financial

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pchouinard187

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Affirm Financial
« on: May 17, 2017, 03:23:33 PM »
Just a quick question.  Does anyone know what is going on with Affirm Financial? Apparently they have suspended applications for Mastercards and loans or increases?  I have a mastercard through them and my service doesn't seem effected.

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Wetcoaster

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Re: Affirm Financial
« Reply #1 on: May 17, 2017, 10:12:21 PM »
1st I have heard of it...we have a M/C thru them also.

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timtonruben359

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Re: Affirm Financial
« Reply #2 on: May 18, 2017, 08:13:24 AM »
Apparently they are reworking all of their products.    I was told back in April they planned on relaunching in May or June. 

This appears on their website:


As we continue to find progressive ways to support the credit needs of Canadians, Affirm Financial Services has temporarily suspended issuing new credit cards, loans and all credit limit increases.

We are working hard to ensure that we bring you the credit products you need as soon as we can. We sincerely apologize for any inconvenience this may cause you.

Existing Affirm Mastercard customers may continue to use the card in accordance with the terms of the cardholder agreement.


I'm wondering if they're facing some kind of financial problems or are going to be bought out.

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pchouinard187

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Re: Affirm Financial
« Reply #3 on: May 28, 2017, 06:33:24 PM »
I had a check-in with my Trustee last week and she mentioned that she's heard Affirm is in financial trouble (hence the major interest rate hikes for all their Mastercard clients regardless if you're in good standing).  My trustee has heard a rumour that they maybe in the process of being bought out by Capital One. 

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Jennykk

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Re: Affirm Financial
« Reply #4 on: May 28, 2017, 08:59:25 PM »
I had a check-in with my Trustee last week and she mentioned that she's heard Affirm is in financial trouble (hence the major interest rate hikes for all their Mastercard clients regardless if you're in good standing).  My trustee has heard a rumour that they maybe in the process of being bought out by Capital One.

Yikes! I have the Affirm and Cap1.

If anybody has further updates, please share it. Thanks!

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bdar77

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Re: Affirm Financial
« Reply #5 on: May 29, 2017, 11:57:26 AM »
I had a check-in with my Trustee last week and she mentioned that she's heard Affirm is in financial trouble (hence the major interest rate hikes for all their Mastercard clients regardless if you're in good standing).  My trustee has heard a rumour that they maybe in the process of being bought out by Capital One. 

This would make sense. Their monthly MasterCard fee just went up from $7 to $12/month effective June 1, 2017 and their interest rate is between 40 - 50%.   Affirm was the first credit card I got when I went into a CP and I've paid it off every month so not a big issue for me. 

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tuneman

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Re: Affirm Financial
« Reply #6 on: June 16, 2017, 05:19:34 PM »
Hey all,

I have had an Affirm Mastercard since November 2016. They raised my monthly fee to $10.00 on May 1, 2017. However they did not raise my interest rate. It still sits at 29.99%. I SHOULD MAKE CLEAR that I have never left a balance on my Affirm card. I pay it off in full religiously each and every month. I have never been charged interest.

I paid off my proposal, this month June 2017, and after one week I applied for a Capital One Mastercard, expecting to get a $300 secured card... and they approved me for a $5000 unsecured card. Unbelievable!

I will wait six months, and when I get third credit card with a sizable amount, I will close the Affirm Mastercard. Maybe I'll try for a Canadian Tire M/C in six months time.

Affirm Mastercard has been great to me during my time in a proposal, but the $1000 limit and the $10 per month will become an issue as I build my credit life back.

My only issues I had with Affirm Mastercard was that it didn't work some places in the USA, a number of gas stations declined the card. It was temperamental. Here in Canada no issues at all.

Thank you!

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LT

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Re: Affirm Financial
« Reply #7 on: June 16, 2017, 07:56:07 PM »
From their website:

Homeowners:

    Annual percentage rate of 29.99% (increases to 34.99% if you miss 2 payments within a 6-month period)
    Annual fee of $120.00 ($10.00/month)
    Foreign Currency Conversion is 2.5%
    Returned Payment Fee is $39

Non-homeowners:

    Annual percentage rate of 39.99% (increases to 44.99% if you miss 2 payments within a 6-month period)
    Annual fee of $144.00 ($12.00/month)
    Foreign Currency Conversion is 2.5%
    Returned Payment Fee is $39

Since I am not a homeowner, they raised my interest rate to 40%!!!!!!  Even though I never kept a balance, 40% is outrageous.  I canceled right away.

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Wetcoaster

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Re: Affirm Financial
« Reply #8 on: June 16, 2017, 10:04:35 PM »
Why would you cancel if you never keep a balance?  That will affect your credit score.

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tuneman

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Re: Affirm Financial
« Reply #9 on: June 16, 2017, 11:18:51 PM »
Wetcoaster,

If Affirm is no longer increasing their credit limits. And will cost ($10.00 per month) $120 per year in fees. Not to mention they could also increase that fee on me in the near future. Then it does not make sense to keep the card. It'll just cost too much in the future.

Just finished my proposal (June 2017) credit score is already terrible. It will be tough to rebuild my credit profit using one credit card. If in six months I can get another $3000-$5000 unsecured credit card from another provider. The negative impact that cancelling the Affirm card (after 12 months November 2016 - November 2017) will be outweighed by the positive impact of using credit cards with much higher limits.

I understand the risks and impact and it'll still be the best decision to rebuild. I plan to be as diligence with my new Capital One card as I have been with the Affirm card so I won't be paying any interest on that card going forward.

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LT

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Re: Affirm Financial
« Reply #10 on: June 18, 2017, 01:19:24 AM »
I canceled mainly because of the $144 annual fee. It wasn't worth it for a $1000 limit.  Funny thing, I applied for a Costco Mastercard and got approved for $10,000.  I am half way through my CP.  My credit rating is shot for the next 5+ years, so it didn't really matter to me if it affected my score.

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pchouinard187

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Re: Affirm Financial
« Reply #11 on: June 19, 2017, 10:29:19 AM »
I canceled mainly because of the $144 annual fee. It wasn't worth it for a $1000 limit.  Funny thing, I applied for a Costco Mastercard and got approved for $10,000.  I am half way through my CP.  My credit rating is shot for the next 5+ years, so it didn't really matter to me if it affected my score.

Hi LT,

Can you tell me (ballpark) where your credit score is?  I'm shocked you could get a $10,000 CC will still in your CP.

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LT

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Re: Affirm Financial
« Reply #12 on: June 19, 2017, 11:44:25 AM »
Who knows how Capital One approves.  My credit score, 510. My mother with a 690, was denied.  I did have a secured Capital One MC for $300 for over a year, never kept a balance, never missed a payment.  Soon after a year, they increased my limit to $2000 without an extra security deposit.

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Westcoaster

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Re: Affirm Financial
« Reply #13 on: June 20, 2017, 06:19:55 PM »
Strange indeed.  We paid our proposal off in June after 5 months.  Credit score at Equifax is only 560 and my wife makes $100,000 a year.

 

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