As my scores got optimized for the bucket I'm in, I decided to buy a new car, and to pick up a few nice cards before my scores got tanked by the car loan.
Update 6/5/16, 2:16 PM Car loan, with 87.7% installment utilization, hits my reports.
Update 7/6/16, 3:15 PM Car loan payments drop overall installment utilization to 79.1%.
Update 8/2/16, 11:21 AM Car loan payments drop overall installment utilization to 68.8%
Update 9/2/16, 10:01 PM Car loan payments drop overall installment utilization to 58.4%
Update 10/5/16. 7:58 AM. Down to 39%
Update 11/5/16, 5:35 PM. Down to 9%
Update 12/11/16, 10:25 PM. Paid off auto loan, SSL remains at 7.5%.
Other than losing the installment loan benefit of the Alliant reindeer games, isn't going to hurt that badly.
Out of curiosity what are your negatives? Noticed you have a correspondingly much higher FICO 9 set of scores in your signature, my apologies if your profile has (likely) been well documented elsewhere.
@Revelate wrote:Other than losing the installment loan benefit of the Alliant reindeer games, isn't going to hurt that badly.
Out of curiosity what are your negatives? Noticed you have a correspondingly much higher FICO 9 set of scores in your signature, my apologies if your profile has (likely) been well documented elsewhere.
The things that seems to get the most criticism from the FICO 8 algorithm are those clustering around the newness of my credit history (average age young, most recent account quite recent, etc) and large number of inquiries, which Tom_Thumb opined are factors receiving significantly less disapprobation in 9 than in 8, and 1 old public record which should fall off later this year, moving me into a 'clean' bucket.
The factors which FICO announced, rental history, small collections, medical collections, are not relevant to my profile as I haven't had any collections or rental history in decades.
I will be interested is seeing how your scores change. I am in the garden until September when I will also buy a new car. My scores should be in the mid-seven hundreds by then. I plan to get one new CC(Lowes) at the same time. My current AAoA is only 7 months.
I don't mind taking the temporary hit as I really need a new car and the Lowes card is one I want for when I buy a house next year. I just want to see the hit I will take and the recovery time.
Congrats on your new car and cards.
P.S. My EX score jumped 28 points when I paid my secure loan down under 9%. I hope that isn't the kind of hit I will take with a new loan.
Congrats! I wonder how much they'll drop? Even if so, I'd think they'll rebound within months.
@RM21 wrote:
Congrats! I wonder how much they'll drop? Even if so, I'd think they'll rebound within months.
Unfortunately installment utilization doesn't work that way. Based on my data the drop will equal the gain from crossing both thresholds, I know we can dig out SJ's 9% breakpoint shift, not sure we can for the higher one but mine was explicitly the sum of the two... and yeah, as expected, I didn't recover those points.
Damned mortgage 
.
Well for good or ill I will update here when the auto loan reports.
According to the FICO 8 Simulator, I should lose 30 points on TU & EX, & 35 points on EQ.