@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
@Revelate wrote:
@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
How is that working for you? Does it report that you made an on time payment each month on your credit report?
Was hoping for more of a one year thing. Looking to boost my credit score for my next app spree next year. Would you still recommend me to get it?
Thanks for your quick response, by the way!! 
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
How is that working for you? Does it report that you made an on time payment each month on your credit report?
Was hoping for more of a one year thing. Looking to boost my credit score for my next app spree next year. Would you still recommend me to get it?
Thanks for your quick response, by the way!!
Yes, and why would you want 1 year when you can get near 5? Longer is better.
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
How is that working for you? Does it report that you made an on time payment each month on your credit report?
Was hoping for more of a one year thing. Looking to boost my credit score for my next app spree next year. Would you still recommend me to get it?
Thanks for your quick response, by the way!!
Yes, and why would you want 1 year when you can get near 5? Longer is better.
Seems like a lot to maintain, lol.
Btw, does it take a HP to apply?
And was that "yes" a "yes" for all my questions? 
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
How is that working for you? Does it report that you made an on time payment each month on your credit report?
Was hoping for more of a one year thing. Looking to boost my credit score for my next app spree next year. Would you still recommend me to get it?
Thanks for your quick response, by the way!!
Yes, and why would you want 1 year when you can get near 5? Longer is better.
Seems like a lot to maintain, lol.
And was that "yes" a "yes" for all my questions?
Yes
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
How is that working for you? Does it report that you made an on time payment each month on your credit report?
Was hoping for more of a one year thing. Looking to boost my credit score for my next app spree next year. Would you still recommend me to get it?
Thanks for your quick response, by the way!!
Yes, and why would you want 1 year when you can get near 5? Longer is better.
Seems like a lot to maintain, lol.
And was that "yes" a "yes" for all my questions?
Yes
Thanks. Would you know if it takes an HP to apply?
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
How is that working for you? Does it report that you made an on time payment each month on your credit report?
Was hoping for more of a one year thing. Looking to boost my credit score for my next app spree next year. Would you still recommend me to get it?
Thanks for your quick response, by the way!!
Yes, and why would you want 1 year when you can get near 5? Longer is better.
Seems like a lot to maintain, lol.
And was that "yes" a "yes" for all my questions?
Yes
Thanks. Would you know if it takes an HP to apply?
Like most loans, it should be a HP. I will definately try this.
@Anonymous wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@taxi818 wrote:
@Revelate wrote:FICO 8 counts two things with installment loans:
1) Installment line being open
2) Utilization of said installment line(s).
Paying one off early or at all under FICO 8, yup, penalty. May be dumb but there's a cheap way to finesse that part of the algorithm, but if I were gold-plated anyway (read: north of 760) I wouldn't really worry about it.
yep learned this the hard way. need to keep some kind of installment loan open for best scores. But does not mean paying interest. Nice secured $5 a month loan should do the trick.
Woah woah woah. Where can I get a no interest, $5 payment per month loan?!
If this would improve my score, I'd be totally on board!
Alliant share secured 5 year, $500 loan.
Pay $460-480 right back. Pay $1 every 6 months or w/e.
How is that working for you? Does it report that you made an on time payment each month on your credit report?
Was hoping for more of a one year thing. Looking to boost my credit score for my next app spree next year. Would you still recommend me to get it?
Thanks for your quick response, by the way!!
Yes, and why would you want 1 year when you can get near 5? Longer is better.
Seems like a lot to maintain, lol.
And was that "yes" a "yes" for all my questions?
Yes
Thanks. Would you know if it takes an HP to apply?
Like most loans, it should be a HP. I will definately try this.
Actually Alliant does not HP for secured share loans, or at least did not when several of us setup the loans there. That information is roughly a year old.
Really hardly any downside of doing this other than tying up $80 (after you make the payback), the maintenance of the inactivity fee (has to be active at least once a year to avoid) and just having a hazy awareness of the date in the future from a payment perspective (like mine is October 2018 now, wish I'd found this trick earlier haha).
Oh and a new tradeline reporting /shrug.