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Adding an installment loan -- the Share Secure technique

Contributor

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

Do I wait for the first autopay to go through then pay the $420? Just making sure. My due date is June 5th I got the call today May 5th and that was the earliest date they would give. 

Message 91 of 1,664
Community Leader
Senior Contributor

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

You  can make your first big payment right away.  It can be whatever you like: $420, $440, whatever.  Just bear in mind that your first autopay will bring the balance down further, which is why may people make a big payment right away, then after the first autopay goes through click on the cancel button (as described in the instructions), then pay the remaining balance down to a final figure of $44.

Message 92 of 1,664
Contributor

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

Thanks to pay that $420 I go to transfer money then select from savings to share secured loan right

Message 93 of 1,664
Community Leader
Senior Contributor

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

Yes.  The guidance reads:

 

The way to make a payment (whether big or small) is to go to the TRANSFER MONEY tab.  Just set up a one time transfer of $420 from your savings to the loan.  Simple. 

 

You may find that all of the questions you are asking are answered in the guidance.  For example, it indicates that first you make a big one-time payment.  Then it says to wait until the first autopay goes through (which might be several days or even weeks depending on when you set that autopay to first go through)..  Then it says to cancel the autopay and it describes how to do that.  Then it says to bring the final balance down to $44.

 

Best of luck with your new loan!

Message 94 of 1,664
Contributor

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


CreditGuyInDixie wrote:

Yes.  The guidance reads:

 

The way to make a payment (whether big or small) is to go to the TRANSFER MONEY tab.  Just set up a one time transfer of $420 from your savings to the loan.  Simple. 

 

You may find that all of the questions you are asking are answered in the guidance.  For example, it indicates that first you make a big one-time payment.  Then it says to wait until the first autopay goes through (which might be several days or even weeks depending on when you set that autopay to first go through)..  Then it says to cancel the autopay and it describes how to do that.  Then it says to bring the final balance down to $44.

 

Best of luck with your new loan!


damn i missed that part sorry 

Message 95 of 1,664
Established Contributor

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

it finally showed up on my CK report.

 

should i be concerned that it's showing "No payment history has been reported by this creditor" even though i've already paid it down to $44 balance???

 

fwiw, VS3 fako score TU & EQ dropped 11 & 10 pts. unfortunately my discover, boa and amex (real) fico scores won't update til the next few wks. 'keep you guys posted.

 

wishlist: Paypal 2% CB PenFed 2% Power Cash Rewards \ BofW 3% CB Golden1 3% No Fastfood | gardening since Sept '17


FICO scores | Inq | AAoA: EX: 812 | 5 | 3yrs \ TU: 819 | 2 | 2yrs \ EQ: ? | 0 | 2yrs

Message 96 of 1,664
Valued Member

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

If it is any help... I initially paid mine down to the $44 mark and was able to delete my scheduled transfer the day is was due, possibly before it went through?  All previous attempts to delete the scheduled trasnsfer resulted in a "you can't do that" error.  But on the day it was scheduled, I logged in in the morning and deleted no problem... has not reappeared, and no transfer was ever made.  YMMV.


FICO 8 as of 3/23/16 - EQ-717 EX-736 TU-724
Message 97 of 1,664
Community Leader
Senior Contributor

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

Incubus writes:

 

Should i be concerned that it's showing "No payment history has been reported by this creditor" even though i've already paid it down to $44 balance???

 

That's fascinating.  Thanks for making that observation.  It may not be a problem at all.  Very possible (likely!) that FICO only looks at three things:

 

(1)  Is there at least one installment loan on the report?

 

(2)  Is its status open or closed?

 

(3)  What is your total installment utilization?

 

Thus completely ignoring the variables in an account that show a series of OK's for monthly payments. 

 

On the other hand, if you have a huge need to cover all your bases, you could certainly make a payment of $1 per month for the next three months.  It seems virtually certain that this would create a history of monthly payments, i.e. to make sure the "no payment history" variable (if such a thing ecen exists) gets turned to "payment history = yes."

 

If you have no urgent need for a top score this minute, then it would be interesting to wait 35 days and see whether it still shows as "no payment history."  What I will tell you is that with a new credit card, it sometimes will say "no payment history" for up to three months, even though I actually have been making regular charges and monthly payments since day 1.

Message 98 of 1,664
Community Leader
Senior Contributor

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

Thanks Jorgasm!  I will tweak the guidance to reflect that a person might be able delete the transfer as early as the morning of the scheduled day. 

 

Before I do that I'd like to hear back from you next week about whether the scheduled autopay ever went through (given that you deleted it in the morning, possibly causing it to not execute).  Right now you are uncertain whether that happened.  Give it at least 2 business days and let me know, ok pal?

Message 99 of 1,664
Valued Member

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

First autopay transfer was originally scheduled for May 1st... Been 5 days and nothing balance wise has changed, pending or otherwise. I'll chime in if anything happens.

FICO 8 as of 3/23/16 - EQ-717 EX-736 TU-724
Message 100 of 1,664