Any data points on installment loan <70%

[Revelate]

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@Anonymous wrote:

Yes, can't say for sure if it was the auto loan or just the aging of my accounts.  But 50 points was significant.

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50 points is too much for any installment utilization change unless otherwise possibly golden file 800->850 for 100% (or some number above top breakpoint) to <10% (or possibly <9% depending how FICO rounds it) frankly.  I think someone reported 45ish points once though I didn't see the datapoint directly, but the higher breakpoint is nowhere close to the lower breakpoint in terms of score impact (6 vs. 18 points on my file).

I'm also confident it's aggregate installment utilization as I moved identical absolute values of points between the ones I gained on my two share secured loan testing and what I lost on the new mortgage.  Also supporting that, I moved my installment loans seperately during testing, namely 50% -> 9% on one (aggregate 35%ish at that point), no change, and then 50->9% on the other for aggregate 9%, much goodness.

[Thomas_Thumb]

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@Anonymous wrote:

Mine is at 69% right now and should be reported any day to the bureaus.  Once I pull the scores I'll be sure to report back if there was any measurable gain across my scores.

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Any update on the loan paydown and impact on scores?

Also, what was your before/after Fico score when you dropped CC utilization from something like 44% to 5%. I read other posts where you mention perhaps a 3 point gain. I recall your scores were rather high given your 120 day late => dirty scorecard assignment. However, I don't remember specifics. Wondering if your before score was near a ceiling.

[Anonymous]

Yeah, my scores have been in the 730's, ever so slowly creeping up over the last few months.  Two of my scores are in the low 740's now with one still in the mid 730's.  I saw maybe 2-3 points on average from my utilization drop from 44% to 5%; I was hoping for more but it is what it is.  I didn't see any real gain with my auto loan reporting 69%, perhaps that's because I still have a mortgage at around 74% and I need all (both) installment loans below 70% to see something?  Again, it could have been a point or two at most, but with my baddies aging from month to month I sort of expect a point or two here and there.

From reading through some ceiling type threads, from what I understand the ceiling for someone with a couple of major derogs like me (120 day + 90 day on 2 different accounts) is 759; that is, no one with derogs of my potency has reported > 759 FICO 08 score.  Who knows, maybe I'll be the first  

I was just approved for 3 new CC's and am looking forward to seeing what happens with all 3 reporting for several months.  I'm taking my total revolvers from 2 to 5 which should be more ideal in time.  I'm hoping to grab those 759 scores maybe by the end of the year or in Q1 2017.  Of course in the mean time if I'm able to get rid of at least one of my two major derogs I'd expect to see a quicker bump... but I'm definitely not holding my breath there.

[Thomas_Thumb]

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@Anonymous wrote:

Yeah, my scores have been in the 730's, ever so slowly creeping up over the last few months.  Two of my scores are in the low 740's now with one still in the mid 730's.  I saw maybe 2-3 points on average from my utilization drop from 44% to 5%; I was hoping for more but it is what it is.  I didn't see any real gain with my auto loan reporting 69%, perhaps that's because I still have a mortgage at around 74% and I need all (both) installment loans below 70% to see something?  Again, it could have been a point or two at most, but with my baddies aging from month to month I sort of expect a point or two here and there.

From reading through some ceiling type threads, from what I understand the ceiling for someone with a couple of major derogs like me (120 day + 90 day on 2 different accounts) is 759; that is, no one with derogs of my potency has reported > 759 FICO 08 score.  Who knows, maybe I'll be the first  

I was just approved for 3 new CC's and am looking forward to seeing what happens with all 3 reporting for several months.  I'm taking my total revolvers from 2 to 5 which should be more ideal in time.  I'm hoping to grab those 759 scores maybe by the end of the year or in Q1 2017.  Of course in the mean time if I'm able to get rid of at least one of my two major derogs I'd expect to see a quicker bump... but I'm definitely not holding my breath there.

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Thanks for the update.

Regarding loans, they are looked at in aggregate for scoring. So given you have a mortgage, the auto loan drop is inconsequential.

Getting rid of derogs is always a good thing. Unfortunately, you are either clean or not clean. Inverse was not clean and his Fico 08 scores were limited to high 740s - low 750s with everything "optimized". Once his liens were removed - BOOM! scores increased over 90 points and the CRA with no inquiries went to 850 straight away.

[masscredit]

I made a double car payment today. That will get my auto loan down to 69% a month early. I hope I made the cutoff for DCU to report it this month. I don't have any other loans so I'm courious to see if I gain any points. 

[Anonymous]

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@Thomas_Thumb wrote:

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Thanks for the update.

Regarding loans, they are looked at in aggregate for scoring. So given you have a mortgage, the auto loan drop is inconsequential.

Getting rid of derogs is always a good thing. Unfortunately, you are either clean or not clean. Inverse was not clean and his Fico 08 scores were limited to high 740s - low 750s with everything "optimized". Once his liens were removed - BOOM! scores increased over 90 points and the CRA with no inquiries went to 850 straight away.

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Good to know.  My scores were in the 800-810 range for years prior to those 2 major derogs on my file.  I'd assume once they are gone my scores will at the minimum be where they were prior, likely higher due to more overall accounts in good standing, a greater AAoA and ideal utilization.  Back when I had 800+ scores I had no idea what utilization even meant.  I only had 1 CC at the time with a $10k limit and usually reported around $2k but there were times it was $4-$5k and even with that my scores were still always high. 

Since I've got 2 major derogs on my file the probability of me eliminating BOTH is extremely low.  I've had no success or even a ray of hope on either one.  Even if I were to get one removed, I'd probably only see 10 points or so since the other would still exist.  So, honestly, unless I'm going to be able to get rid of both I'm not huge on just eliminating one.  Fortunately I did recently pick up another account with one of the creditors that I possess one of the derogs with.  I'm thinking after 5 or 6 months of solid payment history I can use the new account as a further indicator of my good behavior since the derog.  It probably won't make a difference, but as a current customer my chances may increase.