Paid off an unsecured loan in March and it is just now reporting. I lost 8 point now that the account is paid in full and closed.
Yes, I understand credit mix is part of the issue, but I still have two student loans which I believe should still fall into that category.
I just don't get it? Never late on the installment loans! Then boom....8 point drop!!!!
I lost more than that when my last open installment stopped reporting. I am hoping my new car loan (which is now on EX and soon will be on all 3) brings it back, but probably not, since I will take a new account hit along with it.
But, unless you need another installment, opening a new one is probably not the answer. Just continue to focus on your current lines and bring your util down before any new apps. Thats what I just did and was approved with both Chase and Amex with no open installments.
EX:694 TU:744 EQ:777
@BluePoodle wrote:
@DaveSignal wrote:I lost more than that when my last open installment stopped reporting. I am hoping my new car loan (which is now on EX and soon will be on all 3) brings it back, but probably not, since I will take a new account hit along with it.
But, unless you need another installment, opening a new one is probably not the answer. Just continue to focus on your current lines and bring your util down before any new apps. Thats what I just did and was approved with both Chase and Amex with no open installments.
I am just really surprised since the student loans are also considered installment loans, correct? I will be adding a auto loan shortly...but having the score drop like this did not help. My cc's will be reporting from 30 ->20% util% shortly. But it seems like a two steps forward, 3 steps backwards kind of results!
How are the SL's reporting?
I don't think it's mix of credit that you and others have stumbled into: I got a lot more than 8 points at a far lower score than what you or Dave are at when I got my first installment tradeline: also got more on my second one come to think of it.
We've had people report over time losing a couple of points when they have less than two open installment lines... I'm actually a little more paranoid than most since I know a 700 was the difference between my obtaining a mortgage vs. not being able to afford a home in S. Cali (least one that I wanted), and so I'm pulling my stupid secured installment loan trick again with USAA, this time for an 84 month loan at an effective rate of 2% on $2500 at a cost of $26/year. Also debating doing a cash out refinance on my car (since I paid it off so bloody quickly trying to clear room for a DTI calculation which became moot) but that's more for cash preservation purposes than anything else... though I could drop my insurance through the floor if I owned my car outright at a savings of 1k/year apparently, may wind up doing that given my driving history though I suppose there's a first time for everything (accident).
@BluePoodle wrote:Paid off an unsecured loan in March and it is just now reporting. I lost 8 point now that the account is paid in full and closed.
Yes, I understand credit mix is part of the issue, but I still have two student loans which I believe should still fall into that category.
I just don't get it? Never late on the installment loans! Then boom....8 point drop!!!!
I only lost 5 points with EX. Still waiting on my Discover statement to see what TU reports!
