topic Re: Paid last installment loan off - got my 0-1 point expected in Understanding FICO® Scoring

Paid last installment loan off - got my 0-1 point expected

GregB — Thu, 11 Oct 2012 03:31:17 GMT

We know paying off an installement loan doesn't get you much, even when it is your last remaining installment loan. I just confirmed it. My last Scorewatch alert was 9/29 for my Amex going from $0 to $264 making my 709 stay at 709. I know I have NO accounts that update after that until 3 CCs close in two more days. I just got an alert that my only remaining installment is now showing paid, which got me my ONE point. All the way from 709 to 710 - big deal. Still owe $77,933 on credit cards, though. Divorce stinks!

Re: Paid last installment loan off - got my 0-1 point expected

Shogun — Thu, 11 Oct 2012 12:22:11 GMT

Congrats! Sometimes that 1 point is hard to come by. Good luck on paying down those CC balances, and yes, Divorces Suck!!!!

Re: Paid last installment loan off - got my 0-1 point expected

bettercreditguy1 — Fri, 12 Oct 2012 02:56:16 GMT

For guys too!

Re: Paid last installment loan off - got my 0-1 point expected

Epcot — Fri, 12 Oct 2012 03:05:58 GMT

Congrats on paying them off. That must be a great feeling. :smileylol:

Re: Paid last installment loan off - got my 0-1 point expected

GregB — Sat, 13 Oct 2012 14:44:03 GMT

Update with the same change and its effect on CK Vantage and TransRisk:

Same exact credit report that gained me 1 point on FICO 04 based score (Beacon v5.0) made the following changes:

Vantage: DOWN 2 points to 818

TransRisk: DOWN 12 points to 749

FICO went UP and two FAKOs went DOWN.

Was it Illecs that said FAKO is as FAKO does? This is a good example.

Re: Paid last installment loan off - got my 0-1 point expected

Shogun — Sat, 13 Oct 2012 15:54:39 GMT

llecs has been around since here since FICO used the Abacus for figuring scores. He's probably seen it all!!! lol