@Anonymous wrote:
@SouthJamaica wrote:
That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.
On FICO or FAKO?
TU FICO 8.
@Revelate wrote:
@SouthJamaica wrote:
@jamesdwi wrote:The day I dreaded has arrived, damage not as bad as I expected, I am amazed that adding a 30k loan to my credit report only cost between 4-7 pts on my TU score, second surprise they didn't reduce the total to reflect my $400 payment when it reported. Loan balanced reported 30,080..
credit Journey chase
down 7 pts to 715 down from having the loan added to my report TU
Type of Industry Bank - Installment Loans
Address PO BOX 45400, SALT LAKE CITY, UT 84145
Positivies on Report
There are no or only a few recent delinquencies on your accounts
Available credit on open bankcard or revolving accounts is not too low
The balances on your accounts are not too high compared to loan limits
Few or no installment accts with delinquent or derogatory payment status
Negatives on my report --
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
The date that you opened your oldest account is too recent
Balances on installment accounts are too high compared to their loan amounts
MyFico monitoring
TU down 4 points to 754 myfico
New Account added.
All Bankcard
TOTAL BALANCE
$28,502.00
this should go up as companies report more, capone has a $5k payment sent to be paid tomorrow, 2/3rds of it balance being paid off
FAKO Report
TU report
CreditKarma : 715 down 7 pts
AAoA:: 4 years 8 months, was 4 years 10months
EQ report unchanged, loan not showing.
That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.
AFAIK I never lost points for adding an installment loan (other than inquiry / new account on clean scorecards) if I didn't materially shift my installment utilization. That said I'm not certain if there was a window sans installment loan because I always tried to open installment loans when before the last fell off, something to look at.
Heh, also before anyone gets the wrong idea on those reason codes: Chase Credit Journey so it's Vantage.
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
Those are VS specific, not FICO; like FICO 8 I don't know if VS cares about CFA's at all; interesting that Credit Journey provides VS reason codes though as I've only gotten those through Alliant previously, that's a nice touch and maybe I'll come off my you ain't getting my TU report for free Chase... nah probably not
.
Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%
@SouthJamaica wrote:
@Revelate wrote:
@SouthJamaica wrote:
@jamesdwi wrote:The day I dreaded has arrived, damage not as bad as I expected, I am amazed that adding a 30k loan to my credit report only cost between 4-7 pts on my TU score, second surprise they didn't reduce the total to reflect my $400 payment when it reported. Loan balanced reported 30,080..
credit Journey chase
down 7 pts to 715 down from having the loan added to my report TU
Type of Industry Bank - Installment Loans
Address PO BOX 45400, SALT LAKE CITY, UT 84145
Positivies on Report
There are no or only a few recent delinquencies on your accounts
Available credit on open bankcard or revolving accounts is not too low
The balances on your accounts are not too high compared to loan limits
Few or no installment accts with delinquent or derogatory payment status
Negatives on my report --
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
The date that you opened your oldest account is too recent
Balances on installment accounts are too high compared to their loan amounts
MyFico monitoring
TU down 4 points to 754 myfico
New Account added.
All Bankcard
TOTAL BALANCE
$28,502.00
this should go up as companies report more, capone has a $5k payment sent to be paid tomorrow, 2/3rds of it balance being paid off
FAKO Report
TU report
CreditKarma : 715 down 7 pts
AAoA:: 4 years 8 months, was 4 years 10months
EQ report unchanged, loan not showing.
That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.
AFAIK I never lost points for adding an installment loan (other than inquiry / new account on clean scorecards) if I didn't materially shift my installment utilization. That said I'm not certain if there was a window sans installment loan because I always tried to open installment loans when before the last fell off, something to look at.
Heh, also before anyone gets the wrong idea on those reason codes: Chase Credit Journey so it's Vantage.
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
Those are VS specific, not FICO; like FICO 8 I don't know if VS cares about CFA's at all; interesting that Credit Journey provides VS reason codes though as I've only gotten those through Alliant previously, that's a nice touch and maybe I'll come off my you ain't getting my TU report for free Chase... nah probably not
Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%
Yeah, my point was I don't know that James had a similar massive swing in installment utilization.
@Gidgetmom wrote:I just applied and was approved for a loan from from Marcus on Wednesday (and It's all your fault lol) after reading your post. Was approved and funded on Friday. Got an alert today that the loan was reported to TU already. The HP showed up on Thursday.
Surprised mine hit so fast and yours hasn't reported yet. Interesting,
Congrats OP! That's a sweet deal!
Gidgetomom, Care to share your offer details? Will help add more data points if interested.
What rate did you get? Get the loan amount you wanted?? FICO scores?
Also, curious to know if Marcus grants the same offer as their invite. And, if a 700+ FICO is really needed to get in.
Thanks!
@SouthJamaica wrote:
@Revelate wrote:
@SouthJamaica wrote:
@jamesdwi wrote:The day I dreaded has arrived, damage not as bad as I expected, I am amazed that adding a 30k loan to my credit report only cost between 4-7 pts on my TU score, second surprise they didn't reduce the total to reflect my $400 payment when it reported. Loan balanced reported 30,080..
credit Journey chase
down 7 pts to 715 down from having the loan added to my report TU
Type of Industry Bank - Installment Loans
Address PO BOX 45400, SALT LAKE CITY, UT 84145
Positivies on Report
There are no or only a few recent delinquencies on your accounts
Available credit on open bankcard or revolving accounts is not too low
The balances on your accounts are not too high compared to loan limits
Few or no installment accts with delinquent or derogatory payment status
Negatives on my report --
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
The date that you opened your oldest account is too recent
Balances on installment accounts are too high compared to their loan amounts
MyFico monitoring
TU down 4 points to 754 myfico
New Account added.
All Bankcard
TOTAL BALANCE
$28,502.00
this should go up as companies report more, capone has a $5k payment sent to be paid tomorrow, 2/3rds of it balance being paid off
FAKO Report
TU report
CreditKarma : 715 down 7 pts
AAoA:: 4 years 8 months, was 4 years 10months
EQ report unchanged, loan not showing.
That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.
AFAIK I never lost points for adding an installment loan (other than inquiry / new account on clean scorecards) if I didn't materially shift my installment utilization. That said I'm not certain if there was a window sans installment loan because I always tried to open installment loans when before the last fell off, something to look at.
Heh, also before anyone gets the wrong idea on those reason codes: Chase Credit Journey so it's Vantage.
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
Those are VS specific, not FICO; like FICO 8 I don't know if VS cares about CFA's at all; interesting that Credit Journey provides VS reason codes though as I've only gotten those through Alliant previously, that's a nice touch and maybe I'll come off my you ain't getting my TU report for free Chase... nah probably not
Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%
Did you have a score change as a result going to 89.2%.?
@Anonymous wrote:
@SouthJamaica wrote:
@Revelate wrote:
@SouthJamaica wrote:
@jamesdwi wrote:The day I dreaded has arrived, damage not as bad as I expected, I am amazed that adding a 30k loan to my credit report only cost between 4-7 pts on my TU score, second surprise they didn't reduce the total to reflect my $400 payment when it reported. Loan balanced reported 30,080..
credit Journey chase
down 7 pts to 715 down from having the loan added to my report TU
Type of Industry Bank - Installment Loans
Address PO BOX 45400, SALT LAKE CITY, UT 84145
Positivies on Report
There are no or only a few recent delinquencies on your accounts
Available credit on open bankcard or revolving accounts is not too low
The balances on your accounts are not too high compared to loan limits
Few or no installment accts with delinquent or derogatory payment status
Negatives on my report --
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
The date that you opened your oldest account is too recent
Balances on installment accounts are too high compared to their loan amounts
MyFico monitoring
TU down 4 points to 754 myfico
New Account added.
All Bankcard
TOTAL BALANCE
$28,502.00
this should go up as companies report more, capone has a $5k payment sent to be paid tomorrow, 2/3rds of it balance being paid off
FAKO Report
TU report
CreditKarma : 715 down 7 pts
AAoA:: 4 years 8 months, was 4 years 10months
EQ report unchanged, loan not showing.
That's odd. I just added a 15k loan paid down to 13,800 and got a 37-point ding on TU.
AFAIK I never lost points for adding an installment loan (other than inquiry / new account on clean scorecards) if I didn't materially shift my installment utilization. That said I'm not certain if there was a window sans installment loan because I always tried to open installment loans when before the last fell off, something to look at.
Heh, also before anyone gets the wrong idea on those reason codes: Chase Credit Journey so it's Vantage.
Lack of sufficient relevant real estate account information
Total of all balances on bankcard or revolving accounts is too high
Those are VS specific, not FICO; like FICO 8 I don't know if VS cares about CFA's at all; interesting that Credit Journey provides VS reason codes though as I've only gotten those through Alliant previously, that's a nice touch and maybe I'll come off my you ain't getting my TU report for free Chase... nah probably not
Of course adding a 15k loan to my little SSL materially shifted my installment utilization. I went from 6.2% to 89.2%
Did you have a score change as a result going to 89.2%.?
Huge... TU FICO 8 dropped 37 points!
@Anonymous wrote:
Wow. Why do you think such s huge hit?
Installment utilization on FICO 8, <9% to 89% is going from best possible scoring scenario to worst for installment loans.
Method:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756#U4506756
Gory Theory:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/m-p/4055989#U4055989
@Anonymous wrote:
Wow. Why do you think such s huge hit?
You're asking me? What do I know? The last time I took out a comparable loan my TU FICO 8 went down 41 points.