Adding an installment loan -- the Share Secure technique

[Anonymous]

Equifax hit today. 19 points! I'm in the 700 club! All from optimizing down to 8.99% utilization.

[Poppa]

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@Anonymous wrote:

Equifax hit today. 19 points! I'm in the 700 club! All from optimizing down to 8.99% utilization.

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Congratulations! 

[Anonymous]

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@Poppa wrote:

Score Update: My loan hit Equifax. Score jumped 35 points from 724 to 759! Not on Transunion and Experian yet. Will update when available. Less than 2 weeks from approval to first score jump. Had to wait on Equifax to update through CCT but first saw on report from Credit Karma yesterday. Thanks CGID!

By the way just for data's sake, CK reported an 11 point drop for a new account. 

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Interesting... I don't get Credit Karma reporting until around the 19th. TU and EQ usually hit on the same day.

[joltdude]

Got the email this morning and called... Was a quick and pleasant experience...

Just sent back the Docusign forms..

First payment isnt untill next week. 

-J

[JustinA]

I have student loans, car payment, mortgage. Would this installment plan be beneficial? I'm going for 700s and if I can find 15-20 points on top of simple utilization management I'm all for it.

[newhis]

JustinA, this will not help you. Sorry.

[Anonymous]

So.... The original post says they do a ChexSystems report... I owe money to two banks and I can't open a checkings account, and was denied for savings accounts with Ally & Synchrony because of me oweing. I do have a Cap1 360 checkings account which I got by freezing my Chex report though.

So... Would it be safe to assume I can't do this until I pay to clear my Chex report?

[Anonymous]

It's important that everyone understand that this technique is to be used for those that do not have any current open installment loans.  If you already have an open installment loan or loans, this technique will be of no scoring benefit.

[Anonymous]

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@Anonymous wrote:

So.... The original post says they do a ChexSystems report... I owe money to two banks and I can't open a checkings account, and was denied for savings accounts with Ally & Synchrony because of me oweing. I do have a Cap1 360 checkings account which I got by freezing my Chex report though.

So... Would it be safe to assume I can't do this until I pay to clear my Chex report?

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That sounds like a safe assumption.  If Alliant sees your CS report and there are negatives on it they will likely deny you membership.

[masscredit]

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Porch wrote:

So.... The original post says they do a ChexSystems report... I owe money to two banks and I can't open a checkings account, and was denied for savings accounts with Ally & Synchrony because of me oweing. I do have a Cap1 360 checkings account which I got by freezing my Chex report though.

So... Would it be safe to assume I can't do this until I pay to clear my Chex report?

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Or until they fall off. I believe those accounts will report for 5 years. You can order your report from them at -  

https://www.chexsystems.com/web/chexsystems/consumerdebit/page/home/!ut/p/z1/04_Sj9CPykssy0xPLMnMz0v...