I feel like crying!!! I lost 15 point for being responsible.

[GirlMelanie89]

Could you take out a small $500 or $1000 loan for a year with really a small payment that wont greatly affect your DTI, but still show a mix in credit types? For example, if you want a loan in May 2017, I would open a small savings loan through a credit union in July or August of this year, so that it would still show on your report when its approval time and it would be almost paid off. My credit union offers a fresh start loan in which they put $1000 in a savings account and you make payments on it without receiving the money.  Once its been paid on for a year, they release the $1000 to you which could go towards a down payment or closing costs, all the while showing a positive tradeline on your credit report.

Does that make sense?

[Anonymous]

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@Anonymous wrote:
Is it actually temporary though? I don't have any other installment accounts? Do you think those points will trickle back?

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It's always temporary. You'll get those points back and then some if you keep on track. Don't sweat the small stuff. Stick to the fundamentals of credit growth and all will be good!

[Anonymous]

That's a great idea! Thank you! That's what I'll do. The payment would probably be very minimal, like $50ish. So it will be the perfect balance. Thanks for the suggestion.

[Anonymous]

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@Anonymous wrote:
That's a great idea! Thank you! That's what I'll do. The payment would probably be very minimal, like $50ish. So it will be the perfect balance. Thanks for the suggestion.

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I wouldn't jump on that too fast... Let things settle. Getting a loan is another hard pull. Your credit seems to be sensitive, you may see another decrease, and it might stay down until you get to a certain percentage paid.

just my .02

[Anonymous]

Yea you're right. I'm not planning on doing anything right now. Maybe in August. Right now I'm just going to focus on the other baddies I have and get them gone. Thank you for your help.

[Anonymous]

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@Anonymous wrote:
Is it actually temporary though? I don't have any other installment accounts? Do you think those points will trickle back?

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OK, this is REALLY easy to fix, and will NOT affect your DTI to any great degree. Open an account with SDFCU. Put 500 into savings and then do a share secured loan for the longest terms they will do (either two or three years).  Your payments will end up being around $15-$20. As soon as the loan funds, make a triple payment right away. Then, using the freed up funds in the savings, pay it down some more, then more, until its down to just under $50. You can do this all in the space of a few weeks time. Then just let it sit there. It will be paid up about 2 years in advance - all the while giving you max FICO juice for being an installment loan paid to under 10%.

And best part is its a soft pull....

[Anonymous]

Listen to these smart guys 

From my experience, my wife went to Lexington Law and got 1 Judgement and 6 removals in 1 month. And the judgement was only 1year old? You can try to dispute it with the creditor or the Bureau yourself.

Keep up the good work. Once you pay off something, your score will return to normal in like 1-6months. Random number because I heard different things but for sure by 6months it will be even higher. You need to leave 1-5% on the credit cards, just one card. I paid all off to zero and they dinged me for not using credit. wth right? Let us know what you decide to do and how it turns out.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Is it actually temporary though? I don't have any other installment accounts? Do you think those points will trickle back?

---

OK, this is REALLY easy to fix, and will NOT affect your DTI to any great degree. Open an account with SDFCU. Put 500 into savings and then do a share secured loan for the longest terms they will do (either two or three years).  Your payments will end up being around $15-$20. As soon as the loan funds, make a triple payment right away. Then, using the freed up funds in the savings, pay it down some more, then more, until its down to just under $50. You can do this all in the space of a few weeks time. Then just let it sit there. It will be paid up about 2 years in advance - all the while giving you max FICO juice for being an installment loan paid to under 10%.

And best part is its a soft pull....

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That's excellent information. This would help more so than anything. 

I hate to recommend to people with thin or sensitive credit history take loans because of the HP, and how long it takes to get it down to the 10% threshold for maximum benefit. But, if that's true about the SP, that's great info.

Every single CU around me does a HP when you open an account, if they give you a checking and savings account. Plus, they don't really communicate it with you very effectively either. 

[Anonymous]

Thanks for the great advice Norman! That's the perfect solution.

[IllinoisNative]

I paid off my only installment loan in August and my score dropped 30 points.  So I feel the pain. I havne't taken out a small loan because I'm not applying for anything right now and don't need an instant score boost.  However, it's only February and my scores have rebounded by 20 points.  Time will help as well. Good luck.