Well I got a nice surprise this morning. I logged into CCT Credit Check Total to see my daily EX score. It had dropped to 686 from 690 just a few days ago. Today it jumped up to 714.
I had gotten a share secured loan from NFCU in January. I have been quickly paying the balance down. It had been showing a 16% balance. A couple of days ago I paid it down to 8%. My reports had been showing the following message.
"The remaining balance on your mortgage or non-mortgage installment loan is too high."
Today it showed the following message.
"Substantial installment loan repayment."
Now I will continue to make tiny payments on this loan until the end of term. It is only a 1 year loan term but I will enjoy this while I can.
Next week I will call Experian to see about an Early Exclusion. I still have a Public Record on my report. TU did an EE several months ago and my TU score jumped quite a bit. I am hoping the same for my EX score.
Always nice to see a score increase to start your day.
Congrats on your increase and good luck on your EE request! Let us know how it works out! 
Yup, though I would suggest getting a longer term loan next time as once the NFCU loan reports paid you're going to lose those points and you want to pull the same <9% trick on a 5 or 10 year loan rather than a 1 year one.
Personally I'd do that like now but that's me
Good luck on the EE, I get to go through that process in June of near year hopefully... one more year, one more year, one more year....
Thanks EW800. I will keep you all informed. I like reading and posting these data points.
Thanks Revelate. One year was the longest term they would give me. In Sept. I am going to get an auto loan so that will change everything.
Getting the EE will be another nice jump. Always like to see those.
@Grafton88 wrote:Thanks Revelate. One year was the longest term they would give me. In Sept. I am going to get an auto loan so that will change everything.
Getting the EE will be another nice jump. Always like to see those.
Can you get past that September mark with the current loan? Should be able to with that loan if it was just opened in January, but I'd double-check as it would be truly awkward to have it paid off before applying for the auto loan. You don't need another if it'll stay open till Dec/Jan, you do need another if you're paying it off around July.
Yes. I don't have autopay set up so I can make $5 a month payments. This will streach it out until next January.
@manyquestions wrote:Thanks for the info you have provided. If you do decide to do another one, it will be helpful to know what their minimum amount is for a 5 year or longer loan and to verify that they won't shorten the term on a multi year loan if you pay it down early.
This is my second short term loan from NFCU. The first was for $500 and six months. This one was for $500 and they allowed a term of 1 year. I don't know their minimum amount for 5 year loan. I think one of the other companies allows much longer terms for small amounts but I forgot which one it was.
NFCU allowed me to not set up autopay for this loan. I paid most of it off in the first 4 months. I will make tiny payments for the next 8 months.
