@Revelate wrote:
@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
Yep, same thing happened last time I took out an installment loan like that.
@Anonymous wrote:
@SouthJamaica wrote:
@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.
Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.
Well let's hope your profile gets treated more gently than mine 
@SouthJamaica wrote:
@Anonymous wrote:
@SouthJamaica wrote:
@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.
Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.
Well let's hope your profile gets treated more gently than mine
Thanks Southie.
@Anonymous wrote:
@SouthJamaica wrote:
@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.
Yes southie I was asking you. That's weird, 8 months ago when I added my 25k Sofi loan, AAOA dropped a few months but lost nothing in points. Paid my Sofi loan down to 3k and just got a Prosper loan for 15k that hasn't reported yet. It will be interesting to see if I get wacked. My CC utilization hovers around 3%.
What open installment loans did you have and what were their current / original balance prior to the SOFI loan?
As stated, unless you change your aggregate installment utilization over a breakpoint, you don't lose substantial points; new tradeline on some models, and AAOA, that's it.
Okay... so for several months I've also been receiving these invitations in the mail. I never paid them much attention since the contents smelled of just another CFA. That is, until I recently came across this thread and began to give it a closer look. And wouldn't you know it, low and behold, I received yet another invite in todays mail haha.
So I noticed that Gidgets loan reported almost immediately... If I followed correctly, her timeline looked like this:
Applied: 5/31
Funded: 6/2
Reported to TU: 6/4
Yet, James has yet to see the loan reported and his data points were as follows...
Applied: 5/16
Funded: 5/18
Reporting To CRA: None to date...
Statement: 6/5 <---- which one would assume this date would have been the time for GS to actually report the new TL, right?
Due Date: 6/20
It's my understanding that the customer still chooses their own due date here... pretty stock for most unsecured PL's or auto-loans.
So my question... do we know what GidgetsMom chosen due date was? And if THIS is the reason her's reported so quickly? Just trying to figure out if there's a formula for controlling the reporting of the new account w/our new friend, Marcus 
@rebound2014 wrote:Okay... so for several months I've also been receiving these invitations in the mail. I never paid them much attention since the contents smelled of just another CFA. That is, until I recently came across this thread and began to give it a closer look. And wouldn't you know it, low and behold, I received yet another invite in todays mail haha.
So I noticed that Gidgets loan reported almost immediately... If I followed correctly, her timeline looked like this:Applied: 5/31
Funded: 6/2
Reported to TU: 6/4
Yet, James has yet to see the loan reported and his data points were as follows...
Applied: 5/16
Funded: 5/18
Reporting To CRA: None to date...
Statement: 6/5 <---- which one would assume this date would have been the time for GS to actually report the new TL, right?
Due Date: 6/20
It's my understanding that the customer still chooses their own due date here... pretty stock for most unsecured PL's or auto-loans.
So my question... do we know what GidgetsMom chosen due date was? And if THIS is the reason her's reported so quickly? Just trying to figure out if there's a formula for controlling the reporting of the new account w/our new friend, Marcus
beware of invading my brain... I was about to post about this morning.
I have come to the conclusion that we not only choose the date of our payment, but in doing so we choose the date the loan will report. From Marcus payment FAQ document.
"Your statement will generate at 5pm E.T. on the day that is 16 days before your upcoming due date. If this day is not a business day, your statement will generate at 5pm E.T. on the business day prior. For more information, reference your loan agreement."
The reporting of the loan is part of the statement generation process, Since I requested a payment date of the 20th of the month, and I was approved on the 16th of may, the statement generation process didn't start untill the 31st. Because the 4th of June was a Sunday the statement generation began on the the 31st. I could of gained a couple more days if I would of asked for the 21st as my payment date. Oh well.