Installment Loan impact on score

[Anonymous]

Couple years ago I had a car loan, that was supposed to be paid in 6o installment (5 years), I paid it off in about 18 installment and at about the halfway point began to notice an upward change in my Fico score, it wasn't big change but my TU went from 791 to 802, my EX went from 808 to 814 and my EQ went from 802 to 814. I am pretty sure that it was the reduction in the balance that caused these modest upward shifts( since everything else was the same)When I finished paying the loan their were no real changes in the scores. I must say I am a little surprised to how different are your scores between the 3 agencies, I mean 742 is a good score, 562 is not. How do you account for that?

[Anonymous]

Hooter's pulls TU and they were reporting before I got my credit card. Plus even being in the score range you have, will more than likely get approved without worrying about risking an unwanted INQ.

[Junejer]

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@Anonymous wrote:
I must say I am a little surprised to how different are your scores between the 3 agencies, I mean 742 is a good score, 562 is not. How do you account for that?

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mkatan:

My local utility company reports to TU and I recently went thru divorce, yada yada yada, I get some 90s reported to my CR. I also managed to get a PR removed from EQ, whereas it is still reporting to the other two. Last, and most importantly, TU hates me.

[Junejer]

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@Anonymous wrote:

Hooter's pulls TU and they were reporting before I got my credit card. Plus even being in the score range you have, will more than likely get approved without worrying about risking an unwanted INQ.

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Stef:

Might be worth a try, but I am due to close on a mortgage in the next couple of weeks and would hate to have an INQ, yet I really have to get my middle score up in the 700 range. This could happen with a couple of small cards reporting. Better talk with my Mortgage Broker first though.

What was your TU score when you got the Hooters card?

Message Edited by ByrdMan on 01-02-2008 12:54 AM

[Anonymous]

My score was ugly..umm, I mean 550. I don't think 2 weeks time will be enough for it to bring your scores up. I would definitely ask your broker what to do. I thought they used the middle of the 3 scores anyway?

[Anonymous]

OK, I can't see. Yes, you did say you had to pull up the middle score. Sorry about that. Late night... Good luck with everything.

[Junejer]

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@Anonymous wrote:

My score was ugly..umm, I mean 550. I don't think 2 weeks time will be enough for it to bring your scores up. I would definitely ask your broker what to do. I thought they used the middle of the 3 scores anyway?

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Simulator says that it should be worth 10-30 points, so conceivably two cards could mean 20-60 points with uti around 5-7% individually. If they can report the card right away, upon approval it would be possible to bring scores up. Just wish I knew 100% that someone would pull EQ though.

[Anonymous]

I bank with Chase and every 2 weeks I get those pre-selected visa offers. They pull EQ, but my history is too short to get the cc with thim. (average account is 4 months old)  I live in Louisiana if that helps. Not sure if they are a EQ puller only, but maybe you could call to find out? It did take them about a month to start reporting a secured loan I got with them, so I could have a mix of credit, since I am trying to re-build.

Message Edited by stef37 on 01-02-2008 04:40 AM

[Junejer]

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@Anonymous wrote:

I bank with Chase and every 2 weeks I get those pre-selected visa offers. They pull EQ, but my history is too short to get the cc with thim. (average account is 4 months old) I live in Louisiana if that helps. Not sure if they are a EQ puller only, but maybe you could call to find out? It did take them about a month to start reporting a secured loan I got with them, so I could have a mix of credit, since I am trying to re-build.

Message Edited by stef37 on 01-02-2008 04:40 AM

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Stef, you live in EQ land. Chase pulls TU here for CCs. I can't stand that I am in TU's area.

[Anonymous]

Byrd, have you tried to do some kind of rapid rescoring? Maybe there is something your broker can help you with that can bring up that score, especially since you are on such short notice. I think there is like a 300 dollar fee, but, may be worth checking into.