topic Re: No more installment loans, lets see what happens... in Understanding FICO® Scoring

No more installment loans, lets see what happens...

disdreamin — Sat, 03 Jul 2021 01:04:20 GMT

Wrote the check for mortgage payoff today and paid off the car loan a couple weeks ago. Figured it would be interesting to see what it does to my scores, so I signed up for monitoring for a bit. I'll be taking out a new auto loan in a month or two, but between now and then it'll be interesting to see what happens to the FICO 8 at least. Anyone want to take bets on what a revolver-only profile gets me dinged?

Re: No more installment loans, lets see what happens...

Horseshoez — Sat, 03 Jul 2021 01:33:54 GMT

@disdreamin wrote:
Wrote the check for mortgage payoff today and paid off the car loan a couple weeks ago. Figured it would be interesting to see what it does to my scores, so I signed up for monitoring for a bit. I'll be taking out a new auto loan in a month or two, but between now and then it'll be interesting to see what happens to the FICO 8 at least. Anyone want to take bets on what a revolver-only profile gets me dinged?

No bets, but I saw an average 22 point gain across the three bureaus when I opened an installment loan.

Re: No more installment loans, lets see what happens...

SouthJamaica — Sat, 03 Jul 2021 03:12:52 GMT

@disdreamin wrote:
Wrote the check for mortgage payoff today and paid off the car loan a couple weeks ago. Figured it would be interesting to see what it does to my scores, so I signed up for monitoring for a bit. I'll be taking out a new auto loan in a month or two, but between now and then it'll be interesting to see what happens to the FICO 8 at least. Anyone want to take bets on what a revolver-only profile gets me dinged?

Probably 25 points or so in FICO 8.

In the mortgage scores you might even gain a few points.

Re: No more installment loans, lets see what happens...

disdreamin — Sat, 03 Jul 2021 22:07:42 GMT

Figured I should post current scores:

FICO 8 are 850, 848, 841 (new CSP a few months ago, they were 850's before that)

Mortgage scores are 808, 816, 816

The auto loan already updated as paid/closed. Once the mortgage has updated on the reports I'll update the FICO 8's. I think in order to update the mortgage scores in a month I'd need to bump up to the higher monitoring. Will consider doing so if the data would be worthwhile.