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Results of my share secured loan

New Contributor

Re: Results of my share secured loan


CreditGuyInDixie wrote:

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


Nope....not yet.   EX used to send me alerts first, followed by EQ.  This time TU sent me an alert first.

 

By spending time in this forum, now I am in 750 ranges.   And now I am thinking about staying away from the forum, because when I read other approvals and sign up bonuses, I get tempted.  Simple human nature I guess.......

 

Message 11 of 18
Community Leader
Senior Contributor

Re: Results of my share secured loan


jeffreymrimd wrote:

CreditGuyInDixie wrote:

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


Nope....not yet.   EX used to send me alerts first, followed by EQ.  This time TU sent me an alert first.

 

By spending time in this forum, now I am in 750 ranges.   And now I am thinking about staying away from the forum, because when I read other approvals and sign up bonuses, I get tempted.  Simple human nature I guess.......

 


Wow, Jeffrey, I wish all of us were as smart and as self-aware as you are.  There is an old epigram from Thomas Cranmer, one of the great English Reformers:

 

What the heart desires, the will chooses, and the mind justifies

 

He brilliantly saw that we are not nearly as free and rational as we think we are.  Rather, we are driven by huge emtional needs, which our supposed power of free will becomes captive to, and the choices of which the mind follows at the end with some justification.

 

You are seeing that, for you, the emotional appeal of certain things (Awesome deal!  Get these three cards now!  Only takes 10k more in spending!) may captivate your will in the moment, with your head coming up with some reason later on.

 

Keep monitoring that internally.  You may find that a good solution (for you) is to stay out of certain of our rooms, e.g. the Credit Card forum, while occasionally checking in to rooms like this to keep up with learning more how scoring works.

 

PS.  As far as EX goes, we have some folks who are monitoring EX each day this week to see when Alliant will appear.  A full calendar week or even 1-2 business days after that is not uncomon as a delay for any account from any creditor to appear with any CRA.   But if the Alliant loan has not appeared by Thursday, that may end up meaning that it will take an additional month.  That can sometimes happen with Alliant and EX, and we still don't know for sure why. 

Message 12 of 18
Established Member

Re: Results of my share secured loan

 

The only change to all 3B has been the addition of a SSL.  This one from NFCU.
Got the loan and once it had been made available to the account, I paid it down to 8% immediately and haven't touched since.

 

24796773_10208599854912901_9098299595538899788_n.jpg

 

Message 13 of 18
Frequent Contributor

Re: Results of my share secured loan


Jwagner wrote:

 

The only change to all 3B has been the addition of a SSL.  This one from NFCU.
Got the loan and once it had been made available to the account, I paid it down to 8% immediately and haven't touched since.

 

24796773_10208599854912901_9098299595538899788_n.jpg

 


Awesome! May I inquire if it bumped, dropped or remained unchanged on your Mortgage Scores?

Starting Score: 2/23/2017 Score 8 EQ 651 TU 659 EX 679
Current Score:11/23/2017 Score 8 EQ 744 TU 743 EX 743
Mortgage Scores 11/23/2017 EQ 756 TU 771 EX 754
Goal Score: 760+ ATB FICO 8, Middle Mortgage Score 760
Message 14 of 18
Established Member

Re: Results of my share secured loan

DollyLlama - just checked, my score shows no change in mortgage score or FICO9 since 9/19.   I'm sure that will change here in about a week with a new quarterly report

 

I never thought to even look at the mortgage score until you asked, haven't been in the market for a mortgage and never crosses my mind (I own everything I have, so I dont have a car note, mortgage, student loans...).  - which is what also drives my score down, no installment loan in over a decade until this SSL.

 

it updates, i'll be sure to follow up though

 

Message 15 of 18
Community Leader
Senior Contributor

Re: Results of my share secured loan

I am immensely interested in the effect that the SSL had on your three mortgage scores, and also your three FICO 9 scores.  This would be really valuable information for our community to have.

 

So pleased that we will be hearing the answer to this by Christmas!

Message 16 of 18
Established Member

Re: Results of my share secured loan

I have no idea how to post screenshots using the mobile platform ... but anyhow, CURRENT info is as follows.

As of last update 9/19/17. MyFICO subscription says next updates are 12/18/17 for the 3B and 28 FICO scores

FICO 5, 4, 2 (mortgage) is EQ 661, EX 694, TU 704

FICO 9 is EQ 681, EX 750, TU 751.

Again, since having gotten the NFCU SSL, I’ve not gotten anything else. (It was only 3 weeks ago, 11/14/17).

The loan was only $500, so it’s only 6mos. I paid it down to $44.96 immediately after funds were released and cancelled the automatic payments. If the score drops in April after the loan closes, I have no idea. I probably could have done a larger amount for a 5yr timeframe - but really was more Interested in seeing what the immediate term effect would be. I didn’t even ask what the deposit amount would be to meet the 60mos term criteria.

I know Alliant will do 60mos on the low $500 initial deposit.

Message 17 of 18
Frequent Contributor

Re: Results of my share secured loan

Congrats OP. TU is way behind posting mine. Removed my post. Felt like I hijacked your thread. Sorry


BK 08/15 FICO 8 12/17 EX-740 EQ-737 TU-722
Message 18 of 18