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Posts: 2,872
Registered: ‎07-17-2014
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Re: Adding an installment loan -- the Share Secure technique


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?


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

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Posts: 1,948
Registered: ‎07-17-2012
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Re: Adding an installment loan -- the Share Secure technique

 


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?


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...

Cap 1 Venture $15KCap 1 Venture One $13KCap 1 Quicksilver $12K“BarclayCap 1 Quicksilver $10KApple Rewards $4400Merrick $2200Lowes $17KWalmart $15KJC Penney $10K
|**$15000**|***$13000***|****$12000**|***$10500***|***$10000***|****$7400***|***$2000***|***$17000***|***$15000***|***$10000**|
EQ08 - 733| TU08 - 739 | EX08 - 736 |
New Contributor
Posts: 60
Registered: ‎12-01-2016
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Re: Adding an installment loan -- the Share Secure technique

So far, only Equifax reported the loan. I sure hope this won't be a case of lack of reporting to all 3 bureaus.

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Re: Adding an installment loan -- the Share Secure technique


Plwtcred wrote:

So far, only Equifax reported the loan. I sure hope this won't be a case of lack of reporting to all 3 bureaus.


What tools are you using to check your reports?  If you are not a member of Credit Karma, I would join it.  It's free and you'll be able to pull your EQ and TU reports (with fresh data) as often as once a week.

 

Experian will also you a free report once per month, if you sign up for their service.

 

My guess is that TU and EX will show the loan by mid-March if they are not showing it by tomorrow. 

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Registered: ‎01-17-2017
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Re: Adding an installment loan -- the Share Secure technique

Can concur with Plwtcred. Signed up in early January, am down to $44 and deleted autopay successfully and so far only EQ is showing the loan, and saw no significant boost there unfortunately (+ 4 pts.) I use CK for TU and EQ FAKOs, also have EXP Credit Tracker for EXP FICO and double check with Credit.com & Discover Credit Scorecard for EXP FAKO's.

It's funny because according to CK, my EQ score has been a mess for some time. It used to be my highest score, 750+ (and everything reported there is the same as on TU) but EQ is 689 and TU is 744. FYI I have a closed auto loan from 2012 (a repossession from that year that I reclaimed and paid off also in 2012) so I'm not sure if that closed installment loan is why this technique didn't really work for me as it has for others. Everywhere on this thread it is repeated that if you don't have any OPEN installment loans this technique will buoy your score, so I thought it was worth a shot.

Bonus question for anyone here, would it be more worth it to try to have that repo expunged from my credit report? I have long assumed that the late payment from 2012 could be negatively affecting my account to a greater degree then the positive effect of having the diversity in accounts. I know it's unlikely I could even have it removed but was just curious what you guys would say about it?
Valued Contributor
Posts: 2,179
Registered: ‎03-20-2014
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Re: Adding an installment loan -- the Share Secure technique

@DrunkAmexGirl, the Discover Credit Scorecard is a true EX FICO score. This technique works best for FICO scores, so your +4 pts EQ FAKO don't mean that EQ FICO only changed 4 pts.

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Re: Adding an installment loan -- the Share Secure technique

Hi DrunkAmexGirl!  My feeling is your situation is a dirty test tube because it sounds like you lack a clear Before and After pull of your true FICO 8 scores (along with an accompanying credit report confirming how the Alliant loan is reporting).  FAKO models may not be affected.

 

Credit Check Total is a good tool for this -- it enables a person to do a pull of all three FICO 8 scores before she adds the loan and again after it, and it includes the reports so one can see what has changed there too.

 

We still lack a good "before" shot in your case but you may want to try the $1 free trial at CCT to see what your scores and reports are now.

 

We haven't seen a single case yet of a person who's used the technique and who had no open installment accounts who did not get at least a 20 point bonus.  30 points is more common.

 

Is it possible that somehow your repo is not really reporting as fully closed out?  Either because it does not say closed, or because there is maybe still an amount owed on it?  (Or there is a collection?) 

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Posts: 60
Registered: ‎12-01-2016
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Re: Adding an installment loan -- the Share Secure technique

I have fico so I get alerts and most free credit monitoring services (karma, sesame, nerdwallet, etc.)... So far only EQ showed up.. and it did boost my score significantly (22 pts)

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Re: Adding an installment loan -- the Share Secure technique


Plwtcred wrote:

I have fico so I get alerts and most free credit monitoring services (karma, sesame, nerdwallet, etc.)... So far only EQ showed up.. and it did boost my score significantly (22 pts)


This happened a while back (August of last year).  A few people had the experience that their loan wasn't appearing on Experian.  (E.g. posts 379 and 380, 389-390)  They gave it a couple extra months and eventually it appeared.  I can't remember if we ever traced down the cause -- whether it was something that was happening on Alliant's end or not.  I think one of the guys reached out to Alliant and asked them to find out what was going on and a week or two later the problem went away (though that might have been a coincidence).

 

That said, I have a Don't Call The Bank attitude in general (the title by the way of a DoC article I really like).  So my advice is to wait until March 15.  Pull your TU and EX reports again and if there is still nothing there, ping Alliant and ask them what's going on.

 

 

Valued Contributor
Posts: 1,203
Registered: ‎04-13-2014
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Re: Adding an installment loan -- the Share Secure technique

Just made the initial large payment... the due date pushed itself way into the future.. Now I just have to wait for the first autopay.... 

(Remember I did it for 600$)

Now just waiting for 3/25/2017 for the first transfer/autopay to go through to cancel it

 

Share Secured Loan12/25/20 - $9.22$100.39

 

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