Adding an installment loan -- the Share Secure technique

[Anonymous]

Let's round it to 15k even.  Before I do any of this though could I get one of the FICO wizards to take a peek at a sanitized version of my credit reports so that this is a legit experiment and there aren't other things that are going to cause my scores to fluctuate?

[Anonymous]

I'd be happy to glance at the sanitized version for you.  I built a spreadsheet to sorta quickly analyze even complicated credit profiles and give me a list of each item that is hurting and by "approximately" how much.

[Anonymous]

Deal. Lemme work on my latest 3B and I'll shoot it over to you. I finally figured out all my split file/merged file issues I think.

[Anonymous]

It sounds like you have over 15k in emergency funds and therefore can afford to take out a 15k SS loan.  Is that right?

Bear in mind that the reason you are doing this ultimately is as a Science Fair experiment, not because you need X number of scoring points for something practical.

In order for this experiment to be valid, your profile needs to be highly stable.  Examples of an unstable profile:

       Past issues of split files or similar issues that you cannot be certain are fully resolved

       Inquiries that may be approaching 1 year old

       An AAoA that is about to cross an integer value

       Derogs that might be falling off, being disputed, or aging past some critical threshold

       Not certain that you can maintain AZEO throughout the experiment

       And obviously no new derogs, new accounts, new inquiries, etc.

Even after we get the results of the experiment, we may be able to only conclude that it was valid for the particular scorecard you might be in -- the breakpoints for total installment util could vary between scorecards.

If you feel like your profile is very stable (as above) then I'd say knock yourself out.  Do invest the time preparing to do the experiement right, however, or it will be like doing a chemistry experiment with a dirty test tube.

[Anonymous]

Just a quick question. I opened an Alliant SSL last month and it hit my EX and EQ credit reports around Dec 8, but it hasn't hit my TU report as of Dec 15 (CreditKarma last update). Is this a normal situation? Thanks in advance!

[Anonymous]

Totally agree. That's why I wanted someone to look at my report to make sure it was a good candidate. I am kinda sorta gardening now that I got the auto loan I wanted and as far as I know my split files have all been fixed. I have to stop checking everyday though.

I have the 15k I can use for the 30 or so days until I get it back, AAoA is 3 years so I think I have a full year to go? And all zeros doesn't apply to installment loans right?

[Anonymous]

AZEO is all cards at zero except one

[arkane]

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@Anonymous wrote:

Just a quick question. I opened an Alliant SSL last month and it hit my EX and EQ credit reports around Dec 8, but it hasn't hit my TU report as of Dec 15 (CreditKarma last update). Is this a normal situation? Thanks in advance!

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I think TU typically lags behind the other 2 bureaus. According to CK, as of Dec 15 TU is still reporting my old November balance on my BofA card, but EQ has already updated to the December balance ($0). My BofA card cuts the 11th of each month. 

[FireMedic1]

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@Anonymous wrote:

Just a quick question. I opened an Alliant SSL last month and it hit my EX and EQ credit reports around Dec 8, but it hasn't hit my TU report as of Dec 15 (CreditKarma last update). Is this a normal situation? Thanks in advance!

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Your not alone. EQ/EX updated Nov 31st. TU stuck at Oct 31st.

[Anonymous]

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@FireMedic1 wrote:

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@Anonymous wrote:

Just a quick question. I opened an Alliant SSL last month and it hit my EX and EQ credit reports around Dec 8, but it hasn't hit my TU report as of Dec 15 (CreditKarma last update). Is this a normal situation? Thanks in advance!

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Your not alone. EQ/EX updated Nov 31st. TU stuck at Oct 31st.

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Same here.  I just pulled Karma.  EQ has updated but TU's last report date was Oct 31.

If anyone reading this has not pulled his Karma yet, I'd delay doing so until Tues evening.  It's Friday night now and we tend to see no CRA updates occuring on the weekends.  No point in burning your weekly Karma update until a few more business days have passed.