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Results of my share secured loan

Established Contributor

Results of my share secured loan

Paid down to 9 percent tu 16 point jump ex 28 point jump still waiting on eq to update .so this is definitely a way to improve score
fico 11/01/01//2017 tu 634eq 631
ex 613overstock src="http://ficoforums.
Message 1 of 18
17 REPLIES
Established Contributor

Re: Results of my share secured loan


mrldp40 wrote:
Paid down to 9 percent tu 16 point jump ex 28 point jump still waiting on eq to update .so this is definitely a way to improve score26 points jump on eq yes!!!!

 

fico 11/01/01//2017 tu 634eq 631
ex 613overstock src="http://ficoforums.
Message 2 of 18
Member

Re: Results of my share secured loan

Congrats on your CS improvement!

Did you just got a loan and paid it down to 9%? And with which bank/union you went with?

Started credit journey 6/17. Gardening till 1/18
BofA (secured) - $1,000
Message 3 of 18
Established Contributor

Re: Results of my share secured loan


ovvnnes wrote:

Congrats on your CS improvement!

Did you just got a loan and paid it down to 9%? And with which bank/union you went wit


yes thats what i did .it was nfcu 

fico 11/01/01//2017 tu 634eq 631
ex 613overstock src="http://ficoforums.
Message 4 of 18
Super Contributor

Re: Results of my share secured loan

Nice job mrldp40Smiley Happy
Message 5 of 18
Community Leader
Senior Contributor

Re: Results of my share secured loan

With almost any integer % (whether for revolving util, installment util, whatever) it's best to make sure you are at less than that %, rather than at it.  This has to do with how FICO does rounding.  If you are even a penny over 9%, FICO will round that up to 10%.

 

It's interesting that you only get 16 points for TU.  Most people do a lot better.  Does your TU report have derogs?

Message 6 of 18
New Contributor

Re: Results of my share secured loan

When did you apply for SSL?

 

As per Alliant, my SSL opened on 7/05...  Initially due date was 7/20, which has been moved  to a year later after reducing tge loan amount.     I was expecting a new account to show up on 8/01. .   DIdnt happen....   And as of today, there is no alert; meaning no new account from Alliant.reorted.

Something may have gone wrong possibly?

 

 

Message 7 of 18
Community Leader
Senior Contributor

Re: Results of my share secured loan


jeffreymrimd wrote:

When did you apply for SSL?

 

As per Alliant, my SSL opened on 7/05...  Initially due date was 7/20, which has been moved  to a year later after reducing tge loan amount.     I was expecting a new account to show up on 8/01. .   DIdnt happen....   And as of today, there is no alert; meaning no new account from Alliant.reorted.

Something may have gone wrong possibly?

 


When a creditor reports an account (or a changed balance on an existing account) each CRA takes a while to update to update its database.  That's true whether it is a loan by Alliant, a credit card from Amex, whatever.  It typically takes 2-5 business days.  Then, after a CRA's database is updated, it can take a day or two for a credit monitoring system to detect the change and send you an alert.

 

Often there is a week difference between the creditor reporting the account and a person receiving an alert about it.  If you haven't seen anything by Wed noon (Aug 9) then something strange might be going on. 

Message 8 of 18
New Contributor

Re: Results of my share secured loan

CGD - Thanks.  

Now I got new alerts and updated fico scores today

Roughly about 25-30 increase on both EQ ang TU, despite of 2 new accounts also reporting on the same day.    EX has updated new accounts only.

 

If there is anyone wondering about SSL technique, I can tell you it really works.  

Message 9 of 18
Community Leader
Senior Contributor

Re: Results of my share secured loan

Hi Jeffrey.  So glad you had a good experience.  So just to confirm, the Alliant loan has not yet appeared on your EX, right?

Message 10 of 18