topic Re: SSL went from 88%-67%. Lost 3 points in Understanding FICO® Scoring

SSL went from 88%-67%. Lost 3 points

masscredit — Sat, 03 Sep 2022 19:04:23 GMT

Sometimes I don't understand FICO scoring. I figured I'd gain a few points by paying my SSL from 88% to 67%. The new balance reported today. My EX08 score lost 3 points. Haven't refreshed my EX and TU scores to see how they are. So I'm wondering... why?

Re: SSL went from 88%-67%. Lost 3 points

FireMedic1 — Sat, 03 Sep 2022 21:30:04 GMT

If you have other loans. May have changed the util %. If the SSL is the only loan. Wasnt that. 3 pts isnt anything to worry about. Something else moved. Scores change everyday. Just so happens you caught it during that time.

Re: SSL went from 88%-67%. Lost 3 points

masscredit — Sat, 03 Sep 2022 22:15:58 GMT

@FireMedic1 The SSL is my only loan. I have four cards. The last one to update was a week ago. I know 3 points isn't a big deal but I'm rebuilding and watching every point and what causes them to change in either direction. This one surprised me.

Re: SSL went from 88%-67%. Lost 3 points

FireMedic1 — Sun, 04 Sep 2022 16:33:16 GMT

Oh I remember very well out of BK. Smallest of changes I went absolutely nuts. Then thought it's only a few points. Why are you (me) getting all worked up? Dont want a Rx of for Xanax.

Re: SSL went from 88%-67%. Lost 3 points

SouthJamaica — Sun, 04 Sep 2022 00:32:33 GMT

@masscredit wrote:
Sometimes I don't understand FICO scoring. I figured I'd gain a few points by paying my SSL from 88% to 67%. The new balance reported today. My EX08 score lost 3 points. Haven't refreshed my EX and TU scores to see how they are. So I'm wondering... why?

My experience with installment loan utilization is that there is no significant movement in scores until the aggregate loan utilization gets down to around 9%.

Re: SSL went from 88%-67%. Lost 3 points

SouthJamaica — Sun, 04 Sep 2022 00:33:36 GMT

@masscredit wrote:
@FireMedic1 The SSL is my only loan. I have four cards. The last one to update was a week ago. I know 3 points isn't a big deal but I'm rebuilding and watching every point and what causes them to change in either direction. This one surprised me.

If that SSL is your only open loan you need to pay it down to 9% of the original loan amount to get a significant boost in FICO 8's and 9's.

Re: SSL went from 88%-67%. Lost 3 points

masscredit — Sun, 04 Sep 2022 02:09:26 GMT

@SouthJamaica Unfortunately, that'll shorten the life of the loan. So I'll just have to be happy with having a loan in my mix. I only have a few months when it's less than 9% at the end

Re: SSL went from 88%-67%. Lost 3 points

SouthJamaica — Sun, 04 Sep 2022 12:44:18 GMT

@masscredit wrote:
@SouthJamaica Unfortunately, that'll shorten the life of the loan. So I'll just have to be happy with having a loan in my mix. I only have a few months when it's less than 9% at the end

There appear to be only a few lenders that won't advance the next payment date. The only 2 of which I am aware are PenFed and NFCU. Alliant does it, but no longer has SSL's.

Re: SSL went from 88%-67%. Lost 3 points

masscredit — Sun, 04 Sep 2022 14:02:23 GMT

@SouthJamaica I burned PedFed and NFCU so they weren't options for me. Would have loved to have been able to get one of them.

Re: SSL went from 88%-67%. Lost 3 points

SouthJamaica — Sun, 04 Sep 2022 15:56:30 GMT

@masscredit wrote:
@SouthJamaica I burned PedFed and NFCU so they weren't options for me. Would have loved to have been able to get one of them.

Sorry.

You could do a personal loan with Alliant. The only problem with that is you will get a hard pull.