As a financial advisor who’s helped hundreds secure financing, I often get asked about American First Finance’s credit score requirements. Many people are surprised to learn that this alternative financing company takes a more flexible approach to credit scoring than traditional lenders.
I’ve discovered that American First Finance doesn’t solely focus on credit scores when making lending decisions. While they do consider credit history, they look at the bigger picture of an applicant’s financial situation. This approach has made them increasingly popular among consumers who might not qualify for conventional financing options but still need access to credit for furniture, electronics or other major purchases.
Key Takeaways
- American First Finance accepts credit scores as low as 550 FICO, with higher approval rates for scores above 600
- The company evaluates multiple factors beyond credit scores, including income stability, banking history, and employment verification
- Minimum monthly income requirement is $1,000, with at least 3 months of steady employment and an active checking account
- Financing options range from $300 to $5,000, with payment terms between 12-24 months and bi-weekly or monthly payment schedules
- They report payment activity to major credit bureaus, helping customers build credit history with consistent on-time payments
What Is American First Finance?
American First Finance (AFF) is a financial services company that provides alternative financing solutions for consumers who face challenges accessing traditional credit. They partner with over 7,500 retail merchants across the United States to offer lease-purchase agreements consumer loans.
How Their Financing Works
American First Finance operates through a straightforward financing process:
- Application Process
- Customers complete a quick online application
- AFF evaluates multiple financial factors beyond credit scores
- Decisions typically arrive within minutes
- Payment Structure
- Lease-purchase agreements range from 12 to 24 months
- Bi-weekly or monthly payment options
- Early buyout options available at reduced costs
- Funding Methods
- Direct deposit to merchant accounts for in-store purchases
- Electronic transfers for approved online transactions
- Same-day funding availability in most cases
| Program Type | Term Length | Payment Frequency |
|---|---|---|
| Lease-Purchase | 12 months | Bi-weekly |
| Consumer Loan | 24 months | Monthly |
| Retail Financing | 18 months | Bi-weekly/Monthly |
The company uses a proprietary underwriting system that considers:
- Income stability
- Banking history
- Payment patterns
- Employment verification
- Residence duration
Their financing model accommodates purchases between $300 and $5,000, with specific terms based on individual creditworthiness assessments.
American First Finance Credit Score Requirements
American First Finance evaluates credit applications through a comprehensive assessment system that considers multiple financial factors beyond traditional credit scores.
Minimum Score Guidelines
I’ve found that American First Finance accepts applicants with credit scores as low as 550 FICO, though approval rates increase significantly for scores above 600. The credit score requirements vary based on:
- Application Type
- Lease-purchase agreements: 550+ FICO
- Consumer loans: 600+ FICO
- Retail financing: 580+ FICO
- Loan Amount Tiers
- $300-$1,000: 550+ FICO
- $1,001-$2,500: 580+ FICO
- $2,501-$5,000: 600+ FICO
- Income Verification
- Monthly income minimum: $1,000
- Steady employment: 3+ months
- Direct deposit requirements
- Banking History
- Active checking account: 3+ months
- Minimum balance maintenance
- Transaction patterns
- Additional Factors
- Residence stability: 6+ months
- Recent payment history
- Current debt obligations
- Utility payment records
- Rent payment consistency
| Credit Factor | Minimum Requirement |
|---|---|
| Monthly Income | $1,000 |
| Employment Duration | 3 months |
| Bank Account Age | 3 months |
| Residence History | 6 months |
| Credit Score Range | 550-700 |
Benefits Of Using American First Finance
American First Finance offers several advantages for consumers seeking alternative financing solutions. The company’s customer-centric approach provides opportunities for both credit building and payment flexibility.
Building Credit History
American First Finance reports payment activity to major credit bureaus, enabling customers to establish or improve their credit profiles. On-time payments reflect positively on credit reports, potentially increasing credit scores by 20-40 points over 6-12 months of consistent payments. The company’s payment reporting system includes:
- Monthly reporting to TransUnion
- Quarterly updates to Experian
- Regular account status updates
- Payment history documentation
- Automated credit bureau submissions
Flexible Payment Options
American First Finance accommodates various payment preferences through multiple scheduling options. Their payment structure includes:
- Bi-weekly payment schedules aligned with paydays
- Monthly payment plans for budget management
- Early payoff options with reduced total costs
- Payment amount adjustments based on income cycles
- Multiple payment methods:
- Online portal transactions
- Automatic bank drafts
- Mobile app payments
- Phone payment processing
- Mail-in payment options
- Schedule recurring payments
- Modify payment dates
- Track payment history
- Request payment modifications
- Access real-time account balances
Application Process And Requirements
American First Finance streamlines its application process through a digital platform that enables quick decisioning. The following documentation and verifications ensure a smooth approval process.
Required Documentation
Applicants must submit these essential documents for AFF financing:
Valid government-issued photo ID (driver’s license passport or state ID)- Social Security number or Individual Tax ID
- Recent bank statements from the past 3 months
- Proof of residence (utility bill lease agreement or mortgage statement)
- Contact information for personal references
- Active email address mobile phone number
- Recent pay stubs (last 2-3 pay periods)
- Bank statements showing regular deposits
- W-2 forms or tax returns for self-employed applicants
- SSI award letters for fixed-income recipients
- Direct deposit records from employers
- Monthly income meets the $1,000 minimum threshold
| Income Type | Documentation Required | Verification Timeline |
|---|---|---|
| Employment | Last 2-3 pay stubs | Within 24 hours |
| Self-employed | 3 months bank statements | 2-3 business days |
| Fixed Income | Award letters | 1-2 business days |
| Military | LES statement | Within 24 hours |
Tips For Improving Approval Chances
Improving your approval odds with American First Finance requires strategic preparation and attention to key financial factors. Here’s how to enhance your application profile.
Steps To Boost Your Credit Score
- Monitor credit reports monthly through free services like Credit Karma or Annual Credit Report
- Dispute inaccurate information on credit reports within 30 days of discovery
- Pay all bills by their due dates, focusing on accounts reporting to credit bureaus
- Keep credit utilization below 30% on all revolving accounts
- Maintain existing credit accounts active with small regular purchases
- Add a secured credit card with a $200-$500 deposit to build credit history
- Become an authorized user on a responsible person’s credit card with good payment history
Income Verification Tips
- Gather 3 months of consecutive pay stubs showing consistent income
- Print bank statements highlighting regular direct deposits
- Document all income sources including part-time work earnings
- Keep employment verification contact information current
- Save W-2 forms tax returns from the previous year
- Maintain records of government benefits or retirement income
- Create a detailed income summary showing stability over 90 days
Bank Account Management
- Maintain an average daily balance above $300
- Avoid overdraft fees for 90 consecutive days
- Set up direct deposit for regular income
- Keep account active with 5+ transactions monthly
- Document 3 months of consistent banking history
- Eliminate any negative balance incidents
- Use mobile banking for real-time balance monitoring
Documentation Preparation
- Scan current government photo ID
- Update utility bills showing current address
- Save recent pay stubs in PDF format
- Prepare bank statements from previous 3 months
- List two personal references with contact details
- Gather proof of residence dated within 30 days
- Create digital copies of all verification documents
- Choose references employed for 2+ years
- Select individuals living at different addresses
- Include professional contacts from work environment
- List references available during business hours
- Provide references with varied phone numbers
- Update reference contact information regularly
- Select references who can verify your stability
Helping Customers Build Better Credit Profiles
I’ve found that American First Finance stands out by making financing accessible to those who might struggle with traditional lenders. Their flexible approach to credit requirements particularly impresses me with options available for scores as low as 550.
Beyond just credit scores I appreciate how they look at the whole financial picture. Their reporting to credit bureaus and various payment options show they’re committed to helping customers build better credit profiles while managing their finances responsibly.
For anyone considering AFF I believe their combination of flexible requirements payment options and quick approval process makes them worth exploring especially if traditional financing hasn’t been an option.