Reply
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
0

Paid last installment loan off - got my 0-1 point expected

[ Edited ]

We know paying off an installement loan doesn't get you much, even when it is your last remaining installment loan. I just confirmed it. My last Scorewatch alert was 9/29 for my Amex going from $0 to $264 making my 709 stay at 709. I know I have NO accounts that update after that until 3 CCs close in two more days. I just got an alert that my only remaining installment is now showing paid, which got me my ONE point. All the way from 709 to 710 - big deal. Still owe $77,933 on credit cards, though. Divorce stinks!sw.JPG

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Paid last installment loan off - got my 0-1 point expected

Congrats!  Sometimes that 1 point is hard to come by.  Good luck on paying down those CC balances, and yes, Divorces Suck!!!!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
bettercreditguy1
Posts: 760
Registered: ‎02-11-2012
0

Re: Paid last installment loan off - got my 0-1 point expected

For guys too!

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Valued Contributor
Epcot
Posts: 2,789
Registered: ‎10-10-2012
0

Re: Paid last installment loan off - got my 0-1 point expected

Congrats on paying them off. That must be a great feeling. :smileylol:


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
0

Re: Paid last installment loan off - got my 0-1 point expected

Update with the same change and its effect on CK Vantage and TransRisk:

 

Same exact credit report that gained me 1 point on FICO 04 based score (Beacon v5.0) made the following changes:

 

Vantage: DOWN 2 points to 818

 

TransRisk: DOWN 12 points to 749

 

FICO went UP and two FAKOs went DOWN.

 

Was it Illecs that said FAKO is as FAKO does? This is a good example.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Paid last installment loan off - got my 0-1 point expected

llecs has been around since here since FICO used the Abacus for figuring scores.   He's probably seen it all!!!   lol


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}