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Hi all!
I'm at the point now where I'm looking at my credit mix. I want to add a small PL, leave it in a special CU account, and just let them withdraw payments from it. I don't need the loan itself. Just a TL with the CRAs reporting as an installment.
My question is, Is there a significant dip in your scores when an installment loan is first added? If so, how long on average before you regain what was lost?
I'm thinking, I might app for my final CC accounts first, and then take out the PL.
Thanks!
Yes you will see a hit due to it looking like you owe XXX amount of dollars and the hit to AAoA
However the plus to credit mix should help over time and also as the balance owed comes down scores go up.
Having installment loans is good for Fico 08 before this model you could achieve 800"s without but 08 seems to ding you for not having some type of installment
I'm just taking $500 for a PL.
I just got a CC with a 5k CL, an Amex BD to 1989, taking my AAoA to 2.6yrs with this loan & a CLI from $250 to $4,450.
Might all just balance out okay.
@Firehorse wrote:I'm just taking $500 for a PL.
I just got a CC with a 5k CL, an Amex BD to 1989, taking my AAoA to 2.6yrs with this loan & a CLI from $250 to $4,450.
Might all just balance out okay.
Wait about a month just to see what the backdating does to your scores this may just give you one heck of a boost
@myjourney wrote:
@Firehorse wrote:I'm just taking $500 for a PL.
I just got a CC with a 5k CL, an Amex BD to 1989, taking my AAoA to 2.6yrs with this loan & a CLI from $250 to $4,450.
Might all just balance out okay.
Wait about a month just to see what the backdating does to your scores this may just give you one heck of a boost
I thought about that too. It's kinda in process now. It's from my CU who just gave me the 5k card. No 2nd HP for the loan. Also, I'm not sure but doesn't Amex post on the 2nd statement?
Think I should tell them to wait and just take a new HP next month? It's not final yet.
I guess it would actually be two months if Amex posts later.
@Firehorse wrote:
@myjourney wrote:
@Firehorse wrote:I'm just taking $500 for a PL.
I just got a CC with a 5k CL, an Amex BD to 1989, taking my AAoA to 2.6yrs with this loan & a CLI from $250 to $4,450.
Might all just balance out okay.
Wait about a month just to see what the backdating does to your scores this may just give you one heck of a boost
I thought about that too. It's kinda in process now. It's from my CU who just gave me the 5k card. No 2nd HP for the loan. Also, I'm not sure but doesn't Amex post on the 2nd statement?
Think I should tell them to wait and just take a new HP next month? It's not final yet.
Sometimes Amex post the first but as always YMMV Lol
I was lucky and both of mine posted on first statement cut
If its already in progress then proceed no use in wasting another HP later for what you can do now with the same pull
Good luck I'll be pulling for you
@myjourney wrote:
@Firehorse wrote:
@myjourney wrote:
@Firehorse wrote:I'm just taking $500 for a PL.
I just got a CC with a 5k CL, an Amex BD to 1989, taking my AAoA to 2.6yrs with this loan & a CLI from $250 to $4,450.
Might all just balance out okay.
Wait about a month just to see what the backdating does to your scores this may just give you one heck of a boost
I thought about that too. It's kinda in process now. It's from my CU who just gave me the 5k card. No 2nd HP for the loan. Also, I'm not sure but doesn't Amex post on the 2nd statement?
Think I should tell them to wait and just take a new HP next month? It's not final yet.
Sometimes Amex post the first but as always YMMV Lol
I was lucky and both of mine posted on first statement cut
If its already in progress then proceed no use in wasting another HP later for what you can do now with the same pull
Good luck I'll be pulling for you
Yeah, the one Amex is gonna take me from 8 mos. to 2.6 years! I calculated each new one will bump me up 1.5 yrs on AAoA.
Amex is gonna be sick of me soon, "too many Amex cards."
I haven't heard back from the loan agent. She was supposed to call me back yesterday. Rather than call and ask about it, I think I'm just gonna pass on the loan if she doesn't reconnect with me. I'd rather take an AAoA hit for one more card than a loan for AAoA and balance.
I don't really need a loan and I'm not sure if it's something I should do anyway.
Any thoughts?
@Firehorse wrote:I haven't heard back from the loan agent. She was supposed to call me back yesterday. Rather than call and ask about it, I think I'm just gonna pass on the loan if she doesn't reconnect with me. I'd rather take an AAoA hit for one more card than a loan for AAoA and balance.
I don't really need a loan and I'm not sure if it's something I should do anyway.
Any thoughts?
UW can be slow to process loans sometimes hang in there and don't lose hope yet......