@Bigshrimp wrote:
@Anonymous wrote:
@Bigshrimp wrote:
Not sure if one of my ealier post slip throught the cracks but what kind of game plan did you have in mind so I can ensure profile is set up to gather data points for the Fico 9 scoring...The Baddies fell off of TU so all three scores are right at or above 800(fico9). Or what other info you may need from me to get started?
Thanks so much for circling back with me on this, pal! Some questions:
What kind of credit monitoring package do you have with myFICO? The $30/month package gives you your report and scores every 90 days. The $40/month package gives them to you every 30 days.
If you are on the more limited $30 package currently, would you be willing to upgrade to the $40 package while you are testing?
When did you last get your 3B report from myFICO. Date?
My understanding is that you are currently on Step 1 of the guidance -- you are just opening up the initial savings account. You have not, however, applied for the loan yet. Is that right? (I am hoping the answer is that you are in Step 1.)
Do you have your credit profile the way you want it prior to testing yet? E.g. one card with a $20 balance, all other cards reporting $0, all baddies gone, etc. Have you confirmed this with a separate tool like credit Karma? Karma is nice to use while you are making changes to your profile because you can pull your data as often as once a week.
Yes, Currently still on step 1.
Yes I do currently have the $30 plan...I would be willing to upgrade to the $40 monthly plan.. My next schedule 3B report is the 21st, but was going to wait until last card reports around the 21st-23rd, then pull.. At this time I should have 3 cards at 0, and one reporting about $20 and should have reports where I need them to start...
My last full 3B pull was in Sept 21st, I did pull 1B on EQ last month and 1B on TU over this past weekend...
I do have CK as well, so was nice to see a 45 point jump this past week when baddies fell off...Thats was a long 7 years,,,Still have 1 PIF medical on reports but for fico 9 and VS3 scoring not an issue...
Other notes for possible timing calculations..My oldest account, although close, will age to 11 years in Jan..Also credit cards #2 and #3 turn 2 years old in March and if I did my math right AAoA is currently 43 months, so in Jan with new account will put me at 36 months so looks like it would not drop below the 3 year mark...
I hate to tell you this but if your oldest account is closed, it's going to be dropped from your reports some day.
@Anonymous wrote:I read this entire thread beginning to end and decided I like this plan. It's inexpensive and easy to maintain. I already have a 1 year credit builder loan with my local Credit Union but it's near 100% utilization because it's new. I called my Credit Union's corporate number to inquire about the terms of my loan. The lady was very condescending. She told me that I cannot deviate from the agreed upon terms. No modifications, no alterations, no adjustments PERIOD! She also reminded me that they have a signed contract. Because of that, I got an account with Alliant. I haven't set up the loan yet. Still waiting on the account verification to fund it.
I read over my Credit Union's contract. The auto pay terms are listed in there but where it says "I agree to pay" only the total loan amount plus interest and a final due date is listed there. Just for giggles, I went onto my Credit Union's online banking site and threw $250 at my $500 installment loan. It took the $250 as a payment for this month and my next due date is next month. Lame. This plan obviously doesn't work with everybody.
So, I'd like to get the Alliant SS loan but what should I do with the Credit Union loan? Pay it off? Let it age? Does it matter?
My suggestion would be:
1. Pay $205, so you'll be down in the $45 balance range.
2. Then wait and see how it reports.
3. If it reports that it's got a $45 balance, then you're good. Just let it be, paying the minimum amount due each month.
It's better for this account to be open than paid off, until you've got your Alliant SSL in place and reporting 9%.
I'd like to get a mortgage in 6-7 months and that's right about the time the Credit Union loan would be paid off via auto pay. Would I see any benefit at all from the Alliant loan if I go straight from my Credit Union loan to a mortgage? My fear is that once the Credit Union loan is paid off and I don't have any other installment loan for the "mix" points, my score will drop just in time for a credit pull for a mortgage. What do you guys think?
I think you should still get the Alliant loan, since it's more dependable. Also it will help your score after the mortgage.