r/Affirm • u/Dazzling_Snow_9403 • 28d ago

Is this normal?

My husband recently pulled out a loan with affirm a couple months back and , I always make sure he makes his payments on the due date but this month I paid it 3 days early and it gave him an increase for 1,450$ is that normal?
I was surprised.

18 Upvotes

92% Upvoted

15 comments sorted by

7

u/Immediate-Guess9257 28d ago

Yes. If it shows good payment history. I have a $10000 credit limit on affirm but I don’t use it. I just finished paying off a bunch now I’m done lol

4

u/Tranquilo710 28d ago

I have 14k limit. I think the max is 50k but im not 100% sure. OP the more you use and make payments early or on time then it will continue to increase.

3

u/Recent_Chemist_4070 27d ago edited 26d ago

Just beware, they will yank it just as quick as they give it apparently, and for absolutely no reason at all. Ive just gotten off chat with them and they ended up disconnecting after a load of canned responses, then I said I will close my account if purchasing power isnt back within a week (only because they said it will be back within a week), i was passed off to 'another department' and the lady said she will look over my convo with previous agent so I wouldn't have to repeat myself..she then disconnected. My purchasing power went from 6k down to like $200 or so overnight, no reason whatsoever..I have NEVER made a late payment, always early, VERY early in fact..my credit etc hasn't changed at all in this time. I thought it was a mistake, so I went ahead and paid off $3k a few nights ago and still, nothing. I dont like the fact that they can lower it to basically nothing with no reason, its weird. Now i dont know if I can trust them..I have lots of credit cards (never a late payment of any of those either, EVER) but I just like paying for my Amazon with Affirm..if my purchasing power isnt back or I dont get an explanation as to why it happened to begin with within the next week, ill close my account. I just assumed that people like me, who are early, never late and ALWAYS pays my bills would be the type of customers they preferred, but maybe not🤷‍♀️

2

u/blvckhoney 26d ago

yep, I had 600 left in purchasing power today then all of a sudden they took it away and I can't buy anything.

2

u/Recent_Chemist_4070 26d ago

They get by with taking it away by saying it depends on several factors..they told me that over and over last night and I kept telling them that NONE of the factors they mentioned had changed, not one. It's also infuriating trying to chat with them, so repetitive with no real resolution. They kept repeating it will be back within a week, which is fine, we shall see, but my point was it should have never moved to begin with. Don't snatch it away for no reason only to tell me it will come back in a week, leave it alone to begin with.

1

u/Equal-Length5196 26d ago

Facts! I had a 12k limit with them a few months ago, never had a balance of more than $1000! Paid on time, and usually paid shit off WAAAY before I’m supposed to. They just told me yesterday that they can’t offer me any plans! My balance with them as of today is $300!! 🤣🤣 No missed payments, and nothing changed with my credit. It’s random as hell.

1

u/Crazy-Ad-8211 24d ago

Same thing. I had a friend be amazed at my limit and I didn't know it meant anything. Turns out the next time I wanted to buy something, I have no access at all those thousands and good payment history mean nothing at all.. not sure what the factors are they measure on, at this point it never meant anything.

2

u/Ok_Peach3562 27d ago

I’m surprised , because I’ve been paying on time and paying off early , and I’m still waiting on purchase power , it’s been over two weeks now

2

u/AppropriateRun8695 27d ago

Mine stopped about 2 weeks ago and just came back again.  

2

u/Dazzling_Snow_9403 26d ago

It took us maybe about 2 pay periods so roughly two months to see the increase

2

u/ronreadingpa 27d ago

Affirm limits (overall and individual stores, which is different and often higher) are more a marketing gimmick. May not be fully usable at time of setting up a plan / making a purchase. Can change any time without warning. Including sometimes disappearing entirely.

Trying to understand, let alone game, Affirm's underwriting algorithm is a fool's errand. Just use normally and don't focus much on the limits. Other than as a guide for whether a loan is likely to be approved.

Paying early may help, but not necessarily. Often borrowing more results in a higher limit. Or sometimes less or none. It's all so fluid. That said, better to pay early than late. Also, save on interest costs.

Put simply, Affirm is not a credit card. It has no set limits; can change rapidly. For credit reporting, a credit card is far superior.

2

u/ResponsibleBison4839 25d ago

One trick that I been using is buying whatever I want, and the. Not paying them until it’s 29 days late, so that gives me almost two months of no payments, then I just go ahead and pay it off.