Alliant CU New SSL at Full Tumbles Score

[Credit_hawk]

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@CreditMagic7 wrote:

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@NRB525 wrote:

Likely not much score impact, but will be interesting to see how much.

On the other hand, this is yet another reason to use the "pull" payment; arrange payment initiated from the account you want to pay, rather than push payments from your checking account to potentially some random destination.

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I absolutely adore the "PUSH" method though and have found it to my complete satisfaction and the most effective for my needs.

And although i also manually do a hands on approach (ever changing balances/percentages of use) this is the first time i got in a rush. So motto is DON'T RUSH. LoL

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Why? What are the benefits to paying from your bank website?

[Anonymous]

Well, dang it! So sorry this happened! Most of us have had those "oh no" moments, so don't feel too bad about it, CM.

[JLK93]

CM,

Was the SSL your only remaining open installment loan? I'm sorry about what happened, but maybe you can turn lemons into lemonade.

It will be a valuable data point to see what happens when your loan reports closed.

Might I suggest another very valuable data point.

When you open your next SSL it would be extremely useful if you would:

(1) Pay it down to 12 percent and see how your FICO score changes.

(2) Then, pay it down below 10 percent and see how that affects you score.

[CreditMagic7]

Ok so i got a call from the Loan Dept and they said that my credit was such that they could and would easily just make it an unsecured loan and that if i wanted it for $5,000 instead the SSL amount of $500.

I thanked her for that suggestion but wished to just stay with the SSL at this time.

It is approved and will hit the report with a first payment due in Sept. so here we go again.

These folks are simply and absolutely outstanding!

[CreditMagic7]

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@oilcan12 wrote:

CM,

Was the SSL your only remaining open installment loan? I'm sorry about what happened, but maybe you can turn lemons into lemonade.

It will be a valuable data point to see what happens when your loan reports closed.

Might I suggest another very valuable data point.

When you open your next SSL it would be extremely useful if you would:

(1) Pay it down to 12 percent and see how your FICO score changes.

(2) Then, pay it down below 10 percent and see how that affects you score.

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Yes and yes oilcan. (What a fantastic UserName)

Now that this new one is approved it's an opportunity to measure that missing element because it is an ONLY installment loan for the FICO "mix" category.

Signed E-Docs and Done. I shutter to think what my poor AAOA is going to look like after this.

I'll update as the details become available. I am curious if the drop is less - or more - than the gain + on this.

[CreditMagic7]

Details on the differences of CRA's upcoming soon.

Alliant CU reported the "accidently" closed SSL while at the same time also reported the NEW SSL with full Loan Balance.

With that it should prove interesting what score trim will result from this.

Afterwards and any time this month the balance will see the percentage reduction and this time i hope to more accurately bring it to <9% instead of the first one that was 7% after paydown.

[JLK93]

Looking forward to your results CM. It should be interesting.

When you do pay down the loan, I would greatly appreciate it if you could first pay it down to 12%. It would be the first real test to determine if their is an upper scoring threshold.

Then, you could pay it down below 10%. It's not necessary to go below 9%. I paid my loan to <10% almost a year ago and gained 39 points. It is still not below 9%.

[CreditMagic7]

oilcan12- This is where we stand currently gleaned off tonights EQ report. FICO scores upcoming when available.

Kept the FICO "Mix" formula category completely intact thank goodness.

[Anonymous]

Hi CreditMix!  I agree with you, Oilcan, and others that this is a rare opportunity to learn more about how this kind of loan affects scores, especially the "breakpoints" associtated with installment utilization.

How much are you willing to do for the team?  :-)

A wonderful thing might be to test all of the following breakpoints:

Start with your utilization extremely high: above 95%.  Make sure you see what that does to your score and record it.

Then slowly pay it down, measuring score change each time:

78%

68%

12%

9.9%

8.9%

There has been some question about "middle" breakpoints (e.g. a conjectured  BP occuring in the 67% - 82% area).  It would be great to watch what happens when your balance travels through that area.

Is that be doable do you think?