topic Re: How long does it take to see boost from Alliant Credit Union? in Understanding FICO® Scoring

How long does it take to see boost from Alliant Credit Union?

wilmer007 — Wed, 21 Dec 2016 05:32:28 GMT

I did the Alliant CU trick to boost my FICO Score about 2 months ago. opened up a $500 SL and left it with a $25 balance and then set my bank to auto pay $2.50 once every 6 months. This month was when it first appeared in my CRs. How long before i start seeing the boost from it?

Re: How long does it take to see boost from Alliant Credit Union?

newhis — Wed, 21 Dec 2016 19:59:45 GMT

I think it is as soon as it reports less than 8.9% balance.

If it hit your reports with $25/$500, you should see the boost.

Re: How long does it take to see boost from Alliant Credit Union?

wilmer007 — Wed, 21 Dec 2016 20:16:09 GMT

i haven't seen the boost yet but it is reporting $25/$500. perhaps the monthly score just hasn't updated yet. One of my CRs has a closed car loan from 9 years ago but the other two don't have the car loan on record so i should still see the boost on at least 2 CRs.

Re: How long does it take to see boost from Alliant Credit Union?

newhis — Wed, 21 Dec 2016 20:19:21 GMT

The SSL helps if you don't have open loans. So it should help all 3.

You don't have mortgage or student loans, right?

Re: How long does it take to see boost from Alliant Credit Union?

SouthJamaica — Wed, 21 Dec 2016 23:17:13 GMT

@wilmer007 wrote:
I did the Alliant CU trick to boost my FICO Score about 2 months ago. opened up a $500 SL and left it with a $25 balance and then set my bank to auto pay $2.50 once every 6 months. This month was when it first appeared in my CRs. How long before i start seeing the boost from it?

You would see the boost a couple of days after the statement got reported with the $25 balance. In my case it's usually shown up in Experian by the 2nd of the month and in the others by the 6th or 7th of the month.

BTW if you pay $2.50 per month you're going to have it paid off in 11 months. Do you want that?

Re: How long does it take to see boost from Alliant Credit Union?

wilmer007 — Wed, 21 Dec 2016 23:46:30 GMT

No installment loans ever outside of the car loan 10 years ago.

Re: How long does it take to see boost from Alliant Credit Union?

wilmer007 — Wed, 21 Dec 2016 23:48:15 GMT

And the $2.50 is once every 6 months not every month.

Re: How long does it take to see boost from Alliant Credit Union?

wilmer007 — Thu, 22 Dec 2016 05:29:33 GMT

actually i just double checked my experian report and on 12/10/16 my FICO Score jumped 22 points and sitting at 687 so it looks like i did get the boost. just have to wait and see TU and EQ.

Re: How long does it take to see boost from Alliant Credit Union?

Anonymous — Sun, 25 Dec 2016 14:59:49 GMT

Hi guys,

I seen OP and was wondering about the following;

Credit mix

I have like 10 student loans ranging from 5 years being the oldest. About 63k to payoff. Came out of deferment and started paying December.

7 credit cards (Limits 3.5k* 7k* 9k* 12k* 16.5k* 30k* NPSL)/ 3 store cards (Limits 3.5k. 20k, 35k) Just paid off car that was reporting only on Transunion (Loan was for 32k). Previous items mentioned are reporting to all Bureaus

AAoA is 3years

Do I need to get a secured installment to boost my score?

I can't get a mortgage until 3-5years from now (Saving). What reports as a mortgage, and will that help me gain a higher score?

What will help me gain a higher score?

Re: How long does it take to see boost from Alliant Credit Union?

Anonymous — Sun, 25 Dec 2016 19:28:58 GMT

Hello Archange1. My comments in blue below.

@Anonymous wrote:
Hi guys,

I seen OP and was wondering about the following;

Credit mix
I have like 10 student loans ranging from 5 years being the oldest. About 63k to payoff. Came out of deferment and started paying December.

7 credit cards (Limits 3.5k* 7k* 9k* 12k* 16.5k* 30k* NPSL)/ 3 store cards (Limits 3.5k. 20k, 35k)

You don't mention what your total utilization is (all cards taken together). Also, as far as individual utilization goes, are any of your cards at more than 48%? Finally, how many of your cards have a $0 balance?

CC balances are the most important thing you can be doing to improve your score. To get an idea how high your score can go, folks here will suggest that for two months in a row you have most of your cards reporting at $0 (including the charge card) -- and have at least one credit card reporting a small positive balance (like $10 say).

Just paid off car that was reporting only on Transunion (Loan was for 32k). Previous items mentioned are reporting to all Bureaus

The payoff of your car loan may affect your score. Because it just happened, you may want to give your scores another month to stabilize. (An additional reason the scores may need a month more to stabilize is that your student loans have only just come out of deferment this month.)

AAoA is 3years

Do I need to get a secured installment to boost my score?

Actually we have been looking for some people who have student loans and no other installment loans to see whether they'd be willing to test whether adding a small Share Secure loan would give them a boost. It would be awesome if you'd be willing to help us out with that. If so, please let me know and I will walk you through what you'd need to do.

I can't get a mortgage until 3-5years from now (Saving). What reports as a mortgage, and will that help me gain a higher score?

Mortgages count as mortgages. In other words buying a home with a big loan. If you already had a home, you might be able to take out a loan with the home as collateral (a second mortgage, etc.) but you do not yet have a home.

You should absolutely not buy a home because you think that might help you with your credit score. You should only buy the home because it is the right move for other reasons. For many people renting is much smarter and the purported advantage to one's score (if it exists at all) from having a mortgage is small. It is possible to have a perfect 850 with no mortgage.

What will help me gain a higher score?

You do not mention whether you have any derogs (lates, chargeoffs, collection, liens, judgments, public records, etc.). These will have a big effect on yours score. Do you have any?

What tools are you using to pull your credit reports? What tools are you using to pull your credit scores? (Scores and reports are very different.)

Controlling your derogs and your CC balances are the best thing you can do for your score. In your case you definitely do not need any more credit cards. In fact you would benefit a great deal from not opening any more accounts -- except possibly that SS loan (but do not do that until we have had more time to plan that with you).

Re: How long does it take to see boost from Alliant Credit Union?

Anonymous — Sun, 25 Dec 2016 21:20:12 GMT

@Anonymous wrote:
Hello Archange1. My comments in blue below.

@Anonymous wrote:
Hi guys,

I seen OP and was wondering about the following;

Credit mix
I have like 10 student loans ranging from 5 years being the oldest. About 63k to payoff. Came out of deferment and started paying December.

7 credit cards (Limits 3.5k* 7k* 9k* 12k* 16.5k* 30k* NPSL)/ 3 store cards (Limits 3.5k. 20k, 35k)

You don't mention what your total utilization is (all cards taken together). Also, as far as individual utilization goes, are any of your cards at more than 48%? Finally, how many of your cards have a $0 balance?

CC balances are the most important thing you can be doing to improve your score. To get an idea how high your score can go, folks here will suggest that for two months in a row you have most of your cards reporting at $0 (including the charge card) -- and have at least one credit card reporting a small positive balance (like $10 say).

Just paid off car that was reporting only on Transunion (Loan was for 32k). Previous items mentioned are reporting to all Bureaus

The payoff of your car loan may affect your score. Because it just happened, you may want to give your scores another month to stabilize. (An additional reason the scores may need a month more to stabilize is that your student loans have only just come out of deferment this month.)

AAoA is 3years

Do I need to get a secured installment to boost my score?

Actually we have been looking for some people who have student loans and no other installment loans to see whether they'd be willing to test whether adding a small Share Secure loan would give them a boost. It would be awesome if you'd be willing to help us out with that. If so, please let me know and I will walk you through what you'd need to do.

I can't get a mortgage until 3-5years from now (Saving). What reports as a mortgage, and will that help me gain a higher score?

Mortgages count as mortgages. In other words buying a home with a big loan. If you already had a home, you might be able to take out a loan with the home as collateral (a second mortgage, etc.) but you do not yet have a home.

You should absolutely not buy a home because you think that might help you with your credit score. You should only buy the home because it is the right move for other reasons. For many people renting is much smarter and the purported advantage to one's score (if it exists at all) from having a mortgage is small. It is possible to have a perfect 850 with no mortgage.

What will help me gain a higher score?

You do not mention whether you have any derogs (lates, chargeoffs, collection, liens, judgments, public records, etc.). These will have a big effect on yours score. Do you have any?

What tools are you using to pull your credit reports? What tools are you using to pull your credit scores? (Scores and reports are very different.)

Controlling your derogs and your CC balances are the best thing you can do for your score. In your case you definitely do not need any more credit cards. In fact you would benefit a great deal from not opening any more accounts -- except possibly that SS loan (but do not do that until we have had more time to plan that with you).

Thank you for looking into my situation I will message you privately, later tonight (after Christmas).

Kind regards

Re: How long does it take to see boost from Alliant Credit Union?

Anonymous — Tue, 27 Dec 2016 18:32:43 GMT

What is the Alliant Cu trick?....:that boost FICO ? AND CAN ANYONE DO IT smileyindifferent:

Re: How long does it take to see boost from Alliant Credit Union?

newhis — Tue, 27 Dec 2016 20:21:35 GMT

@Anonymous wrote:
What is the Alliant Cu trick?....:that boost FICO ? AND CAN ANYONE DO IT smileyindifferent:

FICO gives you extra points if you have a good credit mix (loan and credit card). People without an open loan (mortgage, student, car, personal) can get up to 30 extra FICO points by getting a smal secured loan. You can read all about it here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756