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*UPDATE* A few questions to kick start my rebuild?!?

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Super Contributor

Re: A few questions to kick start my rebuild?!?

Thank you we will look forward to your data points. Keep in mind those car inquiries should be scored as one rather than 4 by the algorithm.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 21 of 53
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Regular Contributor

Re: A few questions to kick start my rebuild?!?

I received my NCFU card beginning of this past week. Neither the cc or the ssl are reporting to CRA's yet which i know to be common and that it could take a month or two to show up there but my question is once they report the accounts to the CRA's will they report it from the open date and show any on time payments etc up to that point (backdate the info of it takes a month or two to report) or will it just start from that point on my CRA's? In other words, if it takes two months to add will it show the new account plus two months of payments made? Thanks.





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 22 of 53
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Super Contributor

Re: A few questions to kick start my rebuild?!?

backdate
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 23 of 53
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Regular Contributor

Re: A few questions to kick start my rebuild?!?

Perfect. I thought that was the case but wanted to confirm. Thank you sir!





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 24 of 53
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Regular Contributor

Re: A few questions to kick start my rebuild?!?

Hey guys! So here is an update on where I am at now with the NFCU SSL loan now reporting. Since it's been a month I figured an update was due. My 3rd card, the NFCU secured cc has still not been reported to any of the CRA's, which is fine. I just wanted to let you all know that the only thing that's changed is the addition of the installment loan. When I got the loan I waited until it reported to all 3 agencies before I paid it down so it is still reporting at the 100% loan amount currently until next month. So with the same 2 cards reporting at a 0 balance and the addition of the installment loan (not yet reporting below 8.9% util) my scores jumped up a good bit! 

 

Before the loan, with only the 2 cc's I had, I was at 

Equifax: FICO 8 - 623, FICO 9 - 670

Transunion: FICO 8 - 611, FICO 9 - 624

Experian: Fico 8 - 610, Fico 9 647

 

as of this month i'm at 

Equifax: FICO 8 - 651, FICO 9 - 673

Transunion: FICO 8 - 622, FICO 9 - 646

Experian: Fico 8 - 603, Fico 9 644

 

Not bad! I am eager to see what the scores look like next month once my 3rd cc is reporting and my new loan is showing a balance at less than 8.9% utilization!

 





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 25 of 53
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Super Contributor

Re: A few questions to kick start my rebuild?!?


@DMcCall1988 wrote:

Hey guys! So here is an update on where I am at now with the NFCU SSL loan now reporting. Since it's been a month I figured an update was due. My 3rd card, the NFCU secured cc has still not been reported to any of the CRA's, which is fine. I just wanted to let you all know that the only thing that's changed is the addition of the installment loan. When I got the loan I waited until it reported to all 3 agencies before I paid it down so it is still reporting at the 100% loan amount currently until next month. So with the same 2 cards reporting at a 0 balance and the addition of the installment loan (not yet reporting below 8.9% util) my scores jumped up a good bit! 

 

Before the loan, with only the 2 cc's I had, I was at 

Equifax: FICO 8 - 623, FICO 9 - 670

Transunion: FICO 8 - 611, FICO 9 - 624

Experian: Fico 8 - 610, Fico 9 647

 

as of this month i'm at 

Equifax: FICO 8 - 651, FICO 9 - 673

Transunion: FICO 8 - 622, FICO 9 - 646

Experian: Fico 8 - 603, Fico 9 644

 

Not bad! I am eager to see what the scores look like next month once my 3rd cc is reporting and my new loan is showing a balance at less than 8.9% utilization!

 


@DMcCall1988 Congratulations!!!!! That's totally awesome. These can be great data points! So you only have two cards reporting on your credit report and nothing else changed except the addition of your first and only instalment loan at 100%? Correct?


what services do you have? Will you be able to separate the gains from the third card vs the SSL paydown?

 

Great job looks like you're going up up up!!

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 26 of 53
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Regular Contributor

Re: A few questions to kick start my rebuild?!?

@Birdman7 @I know! I was pretty stoked. I'm not sure what you mean by services? I don't know that i will be able to separate that since they the card, loan and pay down we're all at the same time but if my scores adjust when one or the other happens or if one still isn't reporting when the scores update next month I'll be able to!  

And yes, you are correct. I previously had two cc's with 0% utilization which is still the case but now i have the loan reporting with 100% utilization as i waited to make the big payment until after they reported at a full balance since some people have had issues with it reported at the lower balance after an immediate payment. 

Neither the 3rd cc or the big payment to get the low below 8.9% util are updated with the CRA's and i have no other loans of any type.





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 27 of 53
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Super Contributor

Re: A few questions to kick start my rebuild?!?


@DMcCall1988 wrote:

@Birdman7 @I know! I was pretty stoked. I'm not sure what you mean by services? I don't know that i will be able to separate that since they the card, loan and pay down we're all at the same time but if my scores adjust when one or the other happens or if one still isn't reporting when the scores update next month I'll be able to!  

And yes, you are correct. I previously had two cc's with 0% utilization which is still the case but now i have the loan reporting with 100% utilization as i waited to make the big payment until after they reported at a full balance since some people have had issues with it reported at the lower balance after an immediate payment. 

Neither the 3rd cc or the big payment to get the low below 8.9% util are updated with the CRA's and i have no other loans of any type.


@DMcCall1988 Awesome! Great DPs! What I mean by services or CMSs is for instance Experian's or a MF subscription or however you get your scores. And I doubt the card will report on the same day as the paydown and as long as they report on different days, you could potentially get score change alerts that allow us to know how many points are attributed to each. 😊

 

and thank you again for the data points, look forward to the rest!

-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 28 of 53
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Regular Contributor

Re: A few questions to kick start my rebuild?!?

Got it! I have a MyFICO Premiere subscription so I'll keep a look out for it to update one of the other and let everyone know.





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 29 of 53
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Super Contributor

Re: A few questions to kick start my rebuild?!?

Awesome thank you!
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 30 of 53
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