Myfico Simulator

[Anonymous]

Do you have an open installment loan currently reporting?  If not, you could grab about 30 FICO points across the board within 1 month by employing the SSL technique.

[Amiashu12]

Sorry i somewhat new to this. Could you tell me what is SSL technique?

[Anonymous]

My apologies.  Absolutely, click the link below to the SSL thread.  It's a monster thread, but don't be intimidated as you only need to read the first couple of posts!

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[Anonymous]

I think so. It's a $2000 secured loan I took out & put on autodraft for credit building purposes. I've paid half of it down in $112 installments. I think they set it up to be paid off in 18 months, which gives me less power to play with it.

TU only reported the first 3 months of it so I eventually disputed them via CK because the remaining balance on it was listed as higher than it was. Now they don't show it at all, which sucks, but my score doesn't seem affected. Exp. lists it as an "installment loan" on Discover's service. Equifax lists it as an auto loan.

[Anonymous]

---

@Anonymous wrote:

I think so. It's a $2000 secured loan I took out & put on autodraft for credit building purposes. I've paid half of it down in $112 installments. I think they set it up to be paid off in 18 months, which gives me less power to play with it.

TU only reported the first 3 months of it so I eventually disputed them via CK because the remaining balance on it was listed as higher than it was. Now they don't show it at all, which sucks, but my score doesn't seem affected. Exp. lists it as an "installment loan" on Discover's service. Equifax lists it as an auto loan.

---

When you say your score wasn't impacted by the removal of your loan, where are you getting your score from?  If it's CK, that's because it's the VantageScore 3.0 model, not FICO.  I can assure you that under FICO scoring models the removal of your only installment loan will result in roughly a 30 point drop if the installment loan was mostly paid down.  

[Anonymous]

Yes, the only TU score I have is my Vantage. I disputed them because they hadn't reported several months of payments on that account & thus showing too high a balance on the account, holding me back a bit.

Now they only show the credit card & the old closed card account. That'll teach me to be disputing over frivolities, huh? If this doesn't change by next month I'll dispute them again.

[Anonymous]

I wouldn't dispute them if I were you.  I'd suggest simply calling the creditor and asking them to re-report your new, lower balance.  Disputes come off as confrontational and aren't a good look.  They can add dispute comments to the account which could raise more questions for future creditors of yours or lenders that you apply with.  Not really worth it, IMO.  Just call them up and tell them you'd appreciate it if they could re-report your current account information and you'll likely see things revised quite promptly.

[Anonymous]

Will do later today. I had planned to call TU & ask what the deal was but my credit union is easier to deal with anyhow & having them report the existence of the account again should fix it. Ideally, they'll report it this week along with my credit card & I'll get to see the bump in my score in maybe 2 weeks & be ready to move on the new cards. I'm holding off on them a bit until my score bounces back after the next reporting.

[taekwon]

---

@Anonymous wrote:

I wouldn't dispute them if I were you.  I'd suggest simply calling the creditor and asking them to re-report your new, lower balance.  Disputes come off as confrontational and aren't a good look.  They can add dispute comments to the account which could raise more questions for future creditors of yours or lenders that you apply with.  Not really worth it, IMO.  Just call them up and tell them you'd appreciate it if they could re-report your current account information and you'll likely see things revised quite promptly.

---

+1

[Anonymous]

Now the simulator predicts a 15 point loss if I get a credit card (I just got approved for 2). We'll see how that works out this month.