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Senior Contributor
Posts: 4,271
Registered: ‎07-17-2014
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Re: Adding an installment loan -- the Share Secure technique


TOTORO88 wrote:

I paid down to $420 and my first payment went thru on May 15. So i'm down to $71 ish.  I tried to cancel the autopayment today May 16, but it's not allowing me to. It's still showing this

'Your loan is currently set up for automatic payment. If you wish to change or cancel the automatic payment, please call us at 800-328-1935 for assistance (Hours: Mon-Fri 7am-7pm CST).'

 

What should I do???

 


Do you mean that your first payment was made a while back, but your first auto-payment went through on May 15?

Regular Contributor
Posts: 159
Registered: ‎11-17-2015
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Re: Adding an installment loan -- the Share Secure technique

Yes. The first payment of $420 was made on may 5th. I could not cancel the first auto payment so I waited for it to go through on May 15. But I kept checking and I still cannot cancel it online. 

Should I call? Or wait a few days?

Valued Contributor
Posts: 2,433
Registered: ‎03-20-2014
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Re: Adding an installment loan -- the Share Secure technique


TOTORO88 wrote:

Yes. The first payment of $420 was made on may 5th. I could not cancel the first auto payment so I waited for it to go through on May 15. But I kept checking and I still cannot cancel it online. 

Should I call? Or wait a few days?


I think you should wait a few days. Does it show the next payment in 2021?

Established Contributor
Posts: 550
Registered: ‎11-24-2016
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Re: Adding an installment loan -- the Share Secure technique

I'm back. The SSL loan reported last month and it dropped my Ex from 708 to 703. I'm not sure what I did wrong, I now have installment loan reporting and like 20% utilization for installment loans.


Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-719,Eq08-722,Tu08-717
Goal Score: Ex08-760,Eq08-760,Tu08-760


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Established Contributor
Posts: 1,429
Registered: ‎03-28-2017
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Re: Adding an installment loan -- the Share Secure technique

If you already have open installment loans, the SSL won't do much for you. Your score dropped due to a new account or AAoA dropping.
Valued Contributor
Posts: 2,433
Registered: ‎03-20-2014
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Re: Adding an installment loan -- the Share Secure technique

The SSL technique will only work if you don't have any other open loan. If you have 1 or more open loans, it will not help when it reports.

 

Some people use the SSL technique with 1 open loan, that they know they will pay it off in a few months, this way they avoid the score drop that will happen when the only 1 open loan report $0 balance and closed.

Established Contributor
Posts: 550
Registered: ‎11-24-2016
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Re: Adding an installment loan -- the Share Secure technique

I get Ex08 from creditscorecard.com and creditscore.com. Alliant reported on May 5th 2017 and my scorecard reports my profile from May 3rd 2017 while creditscore reports it on May 8th 2017. Therefore my scorecard has my score before the loan reported and creditscore has my score after the loan reported. 

 

Here is a preview of my scorecard.

Capturerevolve.PNGCaptureshort.PNG

 

Here is a preview of creditscore.com

 

Captureinstallment.PNG

 

So I do believe that alliant is the only installment loan I have. 

 

In any case my score on creditscorecard is 708 while my score on creditscore is 703. I don't know if I got point benefit from installment loan but it was negated by AAoA or I just didn't get any benefit at all.


Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-719,Eq08-722,Tu08-717
Goal Score: Ex08-760,Eq08-760,Tu08-760


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Established Contributor
Posts: 1,429
Registered: ‎03-28-2017
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Re: Adding an installment loan -- the Share Secure technique

Make sure to also let ONE of your credit cards report a small balance at statement (9% or less, but not 0% on that ONE credit card).  This will give you a nice FICO boost for the month that ONE credit card reports LESS THAN 9% but not zero.

Established Contributor
Posts: 550
Registered: ‎11-24-2016
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Re: Adding an installment loan -- the Share Secure technique

[ Edited ]

ABCD2199 wrote:

Make sure to also let ONE of your credit cards report a small balance at statement (9% or less, but not 0% on that ONE credit card).  This will give you a nice FICO boost for the month that ONE credit card reports LESS THAN 9% but not zero.


The 0% resulted from an 'accident' last month because my friends wanted me to book a hotel with my discover because it had a deal. Long story short, they had to get hotel refund very close to my statement closing date. I spent only $400 on my Disco that month for their hotel and I got refunded $400 right before my statement closed. I ended up with 0% utilization which dropped my score from EX from 724 to 708. After alliant reported, it went further down to 703. In any case, I spent $20 on terrapin express using discover yesterday and once it posts, I'm request disco send an off-cycle report. If having it report 0% this month not only caused drop from 724 to 708, but also negated beneft of SSL, then once I get my off cycle report in, My score should rise by 40-50 points from both increasing the credit utiilization and installment loan benefit.

 

http://ficoforums.myfico.com/t5/Credit-Cards/How-many-BBR-cards-to-apply-for/m-p/4953997/highlight/f...


Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-719,Eq08-722,Tu08-717
Goal Score: Ex08-760,Eq08-760,Tu08-760


Take the myFICO Fitness Challenge
Regular Contributor
Posts: 114
Registered: ‎03-18-2017

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


Subexistence wrote:
[04-25-2017 11:08 AM]

Ugh still no email nor phone call. I would call today but I got Stat exam tommorrow. I have Calc quiz the day after so I'll have to wait until my quiz is over with before I call. I never recieved any call for opening my savings account and it took ridiculously long for my $510 to appear so I must be very low on the priority list. Anyone else had to deal with neglect before?





Subexistence wrote:

I get Ex08 from creditscorecard.com and creditscore.com. Alliant reported on May 5th 2017 and my scorecard reports my profile from May 3rd 2017 while creditscore reports it on May 8th 2017. Therefore my scorecard has my score before the loan reported and creditscore has my score after the loan reported. 

 ...

So I do believe that alliant is the only installment loan I have. 

 

In any case my score on creditscorecard is 708 while my score on creditscore is 703. I don't know if I got point benefit from installment loan but it was negated by AAoA or I just didn't get any benefit at all.


Based on the timing of your previous posts, I'm guessing you haven't actually had your first due-date or statement yet (something about a minimum of 30 days before the first payment can be required).  You're presumably in a similar boat as I am.  The account has begun to report its existence, but payment history isnt really there yet, so the scoring effect is incomplete.

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