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Alliant SSL

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Regular Contributor

Alliant SSL

Hi Everyone,

 

I want to open an Alliant SSL, as I have no installmeny history and want it to boost credit mix component and also keep it open for max term to help add to AAoA.

 

I know all the in's and out's of how to get it, how to pay off, etc. However, is there any advantage to opening the account with an amount of greater than $500?

 

Thanks!


778 EX (5 INQ) / 763 (FAKO) TU (2 INQ) / 758 (FAKO) EQ (3 INQ) | AAoA: 1 yr, 1 mo (TU), 1 yr (EQ, EX)
Message 1 of 5
4 REPLIES
Senior Contributor

Re: Alliant SSL

This is covered a few times in the mega thread but that thing takes days to read through.

 

Basic answer: no.  FICO 08 scoring doesn't care as to the loan's amount.  Go with $500, pay it down to less than 9%, delete auto-pay 2-3 days before it hits, carry on with better FICO 08 score.

Message 2 of 5
Regular Contributor

Re: Alliant SSL

Woohoo! Thanks so much, sorry for the extra thread clutter. 


778 EX (5 INQ) / 763 (FAKO) TU (2 INQ) / 758 (FAKO) EQ (3 INQ) | AAoA: 1 yr, 1 mo (TU), 1 yr (EQ, EX)
Message 3 of 5
Community Leader
Super Contributor

Re: Alliant SSL

I have added this as a FAQ in the first post of the thread.  It now includes the language below.  Thanks guys!

 

Does the size of the loan matter?

No.  A $500 loan works just as well as a $10,000 loan.  Almost everyone chooses a small loan amount.

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

Message 4 of 5
Super Contributor

Re: Alliant SSL


sapphireminer wrote:

Hi Everyone,

 

I want to open an Alliant SSL, as I have no installmeny history and want it to boost credit mix component and also keep it open for max term to help add to AAoA.

 

I know all the in's and out's of how to get it, how to pay off, etc. However, is there any advantage to opening the account with an amount of greater than $500?

 

Thanks!


No difference FICO wise, but they do have a good savings rate... 1.05%.


FICO8 EQ 722 TU 748 EX 721 Total revolving limits 593900 (493900 reporting)
Message 5 of 5