Valued Contributor
GregB
Posts: 1,665
Registered: ‎05-24-2007
Paid last installment loan off - got my 0-1 point expected
[ Edited ]

‎10-10-2012 08:30 PM - edited ‎10-10-2012 08:31 PM

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

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Shogun
Posts: 7,372
Registered: ‎04-15-2011
Re: Paid last installment loan off - got my 0-1 point expected

‎10-11-2012 05:22 AM

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

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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bettercreditguy1
Posts: 653
Registered: ‎02-11-2012
Re: Paid last installment loan off - got my 0-1 point expected

‎10-11-2012 07:56 PM

For guys too!

Starting scores 01/ 02/2012 EQ 707 TU 733 EXP 735 (FAKO)
Updated scores 05/01/2013 EQ 761 TU 780 EXP 788 (Exp. equivalency)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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Epcot
Posts: 2,592
Registered: ‎10-10-2012
Re: Paid last installment loan off - got my 0-1 point expected

‎10-11-2012 08:05 PM

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

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 777 EX 767 TU 771
App free since 4/11/12
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Valued Contributor
GregB
Posts: 1,665
Registered: ‎05-24-2007
Re: Paid last installment loan off - got my 0-1 point expected

‎10-13-2012 07:44 AM

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.

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Shogun
Posts: 7,372
Registered: ‎04-15-2011
Re: Paid last installment loan off - got my 0-1 point expected

‎10-13-2012 08:54 AM

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

Starting Score: 504

Current Score: EQ FICO 819, TU08 775, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
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