Well this is the end of the road for my adventure in having an auto loan.
Testing payoff of car loan while leaving small SSL
Paid off car loan, with small share secured loan, paid down to 7.5%, remaining in place.
Results in FICO 8: TU +-0 EX +-0
So there you have it, no change at all.... proof positive that the tiny little $500 SSL
is just as mighty as the $12,500 auto loan.
Thank you Revelate for introducing me to it.
History:
Auto loan reporting with overall installment utilization 87.7%: EQ -30 TU -41 EX -20
Crossing 80% (from 87.7% to 79.1%) : EQ +2 TU +2 EX +2
Crossing 70% (from 79.1% to 68.8%) : EQ +3 TU +8 EX +-0
Crossing 60% (from 68.8% to 58.4%): EQ +-0 TU +-0 EX +-0
Crossing 50% & 40% (58.4% to 39%): EQ +2 TU +-0 EX +2
Crossing 30%, 20%, & 10% (39% to 9%): EQ +24 TU +24 EX +20
@SouthJamaica wrote:
Well this is the end of the road for my adventure in having an auto loan.
Testing payoff of car loan while leaving small SSL
Paid off car loan, with small share secured loan, paid down to 7.5%, remaining in place.
Results in FICO 8: TU +-0 EX +-0
So there you have it, no change at all.... proof positive that the tiny little $500 SSL
is just as mighty as the $12,500 auto loan.
Thank you Revelate for introducing me to it.
History:
Auto loan reporting with overall installment utilization 87.7%: EQ -30 TU -41 EX -20
Crossing 80% (from 87.7% to 79.1%) : EQ +2 TU +2 EX +2
Crossing 70% (from 79.1% to 68.8%) : EQ +3 TU +8 EX +-0
Crossing 60% (from 68.8% to 58.4%): EQ +-0 TU +-0 EX +-0
Crossing 50% & 40% (58.4% to 39%): EQ +2 TU +-0 EX +2
Crossing 30%, 20%, & 10% (39% to 9%): EQ +24 TU +24 EX +20
EQ just came in, that was also +-0... no change.
So in FICO 8 it made no difference at all that I paid the auto loan down to zero, because I also had my trusty little SSL beside me.