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

Valued Contributor

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

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

Message 1 of 6
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Moderator Emeritus

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 6
Established Contributor

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)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 3 of 6
Valued Contributor

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

Congrats on paying them off. That must be a great feeling. Smiley LOL


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 4 of 6
Valued Contributor

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.

Message 5 of 6
Highlighted
Moderator Emeritus

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 6