topic Re: Ssl data point in Understanding FICO® Scoring

Ssl data point

FicoMike0 — Mon, 01 Apr 2024 23:04:01 GMT

I just got a new fico8 from experian. +34 points to 794. Looking at the explanations the only thing that fits is reduction in installment loan balance. I took out a ssl with penfed in mid feb. Just last week, I paid it to less than 9%. Bingo, penfed reported on April fools, big score bonus. I only get eq and tu fico8 once a month, so I'll have to wait for those scores. Ex was my lowest, if the +34 carries through, those will both be 800+.

Re: Ssl data point

Horseshoez — Tue, 02 Apr 2024 01:36:22 GMT

@FicoMike0 wrote:
I just got a new fico8 from experian. +34 points to 794. Looking at the explanations the only thing that fits is reduction in installment loan balance. I took out a ssl with penfed in mid feb. Just last week, I paid it to less than 9%. Bingo, penfed reported on April fools, big score bonus. I only get eq and tu fico8 once a month, so I'll have to wait for those scores. Ex was my lowest, if the +34 carries through, those will both be 800+.

Assuming you had no other installment loans, then the +34 is certainly possible.

Re: Ssl data point

CorpCrMgr1 — Tue, 02 Apr 2024 01:39:58 GMT

Congratulations on your score!

Re: Ssl data point

FicoMike0 — Tue, 02 Apr 2024 02:49:14 GMT

Thanks.

No other loans. All in the distant past. The only thing older than 16 months is a card I closed 8+ years ago. That's why I did the ssl, when that on reaches 10 years, I expect a score drop.

Re: Ssl data point

dmFICO8 — Tue, 02 Apr 2024 03:05:12 GMT

@FicoMike0 wrote:
Thanks.
No other loans. All in the distant past. The only thing older than 16 months is a card I closed 8+ years ago. That's why I did the ssl, when that on reaches 10 years, I expect a score drop.

Congrats to your score! It is average 30+ points increase to FICO8 score if there is no loan in your profile. When the SSL is paid off, you can open another SSL within same month as long you have that planned and deposit the required funds to your account 1 month earlier. BTW, what is PenFed's current SSL interest rate? Is it still 2.05% (2% loan interest + 0.05% savings interest)?

Re: Ssl data point

SouthJamaica — Tue, 02 Apr 2024 05:34:08 GMT

@FicoMike0 wrote:
I just got a new fico8 from experian. +34 points to 794. Looking at the explanations the only thing that fits is reduction in installment loan balance. I took out a ssl with penfed in mid feb. Just last week, I paid it to less than 9%. Bingo, penfed reported on April fools, big score bonus. I only get eq and tu fico8 once a month, so I'll have to wait for those scores. Ex was my lowest, if the +34 carries through, those will both be 800+.

Congratulations.

Re: Ssl data point

FicoMike0 — Tue, 02 Apr 2024 16:10:15 GMT

Still 2.05%. I wonder when it's paid off, will it be worth doing another? In that case, I will have a loan on my profile, just not open.

Re: Ssl data point

Horseshoez — Tue, 02 Apr 2024 16:45:14 GMT

@FicoMike0 wrote:
Still 2.05%. I wonder when it's paid off, will it be worth doing another? In that case, I will have a loan on my profile, just not open.

I had a paid off installment loan on my record when I opened my SSL; the result was a nice point bump. If I recall correctly, scoring for installment loans only takes into account ones which are open; assuming I'm correct, then yes, it would behoove you to open another SSL after this one is paid off and closed.

Re: Ssl data point

FicoMike0 — Wed, 03 Apr 2024 00:47:20 GMT

New update. Myfico reports my eq. fico8 is +44, to 823. On eq I lost -12 last month when the ssl first reported at 100%. That yields a net of +32, pretty close to the +34 on ex. The ssl works, as advertised.

Re: Ssl data point

FicoMike0 — Thu, 04 Apr 2024 23:31:47 GMT

New update. I did credit.com extra credit 7 day free trial. Gives many ficos, all 3 cbs. I have a tu fico8 of 812! That's +44 from last month. Doesn't show my latest card or the tu hard pull that can with it, so I expect some drop. Still, nice to see two fico 8 above 800. The ssl does work.