Adding an installment loan -- the Share Secure technique

[Anonymous]

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@manyquestions wrote:

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@Anonymous wrote:

Hi guys,

Does anyone knows when Alliant report to the CB's ?, last report was June 30 ($80) but we are Aug 4 and still nothing, any imput?, i lowered to $44 and i am dying to see how many points increase my score.

Here what i see:

Loan Accounts (As of Thursday 8/4/2016) Accounts Due Date - Payment

Share Secured Loan	08/21/20 - $4.32	$44.00	--	4.000 %	$0.18	Options »
	Total:	$44.00	$0.00		$0.18

Thanks in advance.

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They report on the last day of the month, but it often takes 4 or 5 or 6 days to show up on your reports.  You may see it updated tomorrow.

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Checked today and still nothing on my report 

[Anonymous]

Hi elegua01.  A few questions....

If I am understanding you right, you took out the loan with Alliant in June and then (on June 30) Alliant reported to all three credit bureaus a loan balance of $80.  Is that correct? 

You also paid the balance down to $44 but have not seen that balance appear yet on any reports.  Is that right?

On what date was the balance paid to $44?

What tools are you using to pull your credit repirts?  (e.g. Credit Karma, etc.)

When was the last time you pulled your credit reports and which bureaus did you check?

[Anonymous]

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@Anonymous wrote:

Hi elegua01.  A few questions....

If I am understanding you right, you took out the loan with Alliant in June and then (on June 30) Alliant reported to all three credit bureaus a loan balance of $80.  Is that correct?  Yes

You also paid the balance down to $44 but have not seen that balance appear yet on any reports.  Is that right?  Yes

On what date was the balance paid to $44?  July 11

What tools are you using to pull your credit repirts?  (e.g. Credit Karma, etc.)  Creit Check Total

When was the last time you pulled your credit reports and which bureaus did you check? Checked my report today - Experian

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I also have equifax report setup and haven't received any alert from any of the bureaus so far.

[Anonymous]

Based on my TU report pulled from Walmart few minutes ago my score went up to 766, and per barclaycard is 744, last July 5 my FICO score was on TU 719, i don't know how accure walmart  or barclay report are so i think i will wait and see what happens.

[Anonymous]

You might want to set up an account with Credit Karma in a few days.  It's free and a nice way to get your TU and EQ reports, as often as once a week. 

I wouldn't do it today though.  Wait until Wednesday.  I think it is very likely that your new Alliant balance will appear on your TU or EQ report by then.  Remember that it has only been 5 business days since Alliant updated it, and we have seen cases where it takes 7, 8, or even 9 before it appears on the actual -- though I think 3-4 business days is more typical.

[Anonymous]

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@Anonymous wrote:

You might want to set up an account with Credit Karma in a few days.  It's free and a nice way to get your TU and EQ reports, as often as once a week. 

I wouldn't do it today though.  Wait until Wednesday.  I think it is very likely that your new Alliant balance will appear on your TU or EQ report by then.  Remember that it has only been 5 business days since Alliant updated it, and we have seen cases where it takes 7, 8, or even 9 before it appears on the actual -- though I think 3-4 business days is more typical.

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I have an account with credit karma and still nothing, it will update in 2 days so let see, also i check the creditWise on capital one and it shows Alliant with $44 so it will show up in all CB probrably today or tomorrow for sure.

I will update as soon as it shows.

Thanks.

[Anonymous]

I like to use Wallethub as well because it updates daily.  I also get an alert when anything new arrives on my credit report.

[Anonymous]

I was able to get a $500 SSL as outlined.  Not sure if it's YMMV or a newly implemented policy, but I was told that they only give 48 months on balances of $500.  I asked if it was possible to extend it to 60 months, per my loan request, and he politely told me that in order to get 60 months I'd have to have a loan of close to $5,000.  Is it possible they've already began changing the terms based on exposure? Perhaps I just was unlucky and they didn't want to extend me the additional 12 months? 

[Anonymous]

Occasionally people appear to get an Alliant loan officer who denies them the full 60-month loan at $500, typically by restricting the length or increasing the minimum amount or both. 

My advice is to do what you did: stay friendly and polite, and see what they will give you while gently pushing for what you want.  You did the right thing if you politely agreed to the 48 month loan.  After all, you can always add a new SS loan in 46 months if at that time you don't have a car loan or a mortgage.

Your experience with a less than fully compliant LO remains (as of August 2016) still fairly rare.  I very much hope that any person who has your experience moving forward will alert us on this thread, so that we can manage people's expectations better.  It is possibly that as this thread has become much more widely publicized by others (as it has on Reddit, Doctor of Credit, etc.) that Alliant is fielding a lot more of these $500 loans and is making internal policy changes.  Bear in mind, however, that your experience with the rare LO who restricts the product stretches back quite a ways back -- people have reported that happening in 2015 too, so it may well just the occasional bit of bad luck with no indication of policy change.

[Imperfectfuture]

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@oilcan12 wrote:

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@Thomas_Thumb wrote:

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@Imperfectfuture wrote:

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@oilcan12 wrote:

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@Revelate wrote:

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@oilcan12 wrote:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/update-Crossing-the-boundary-new-data-poi...

Obviously, mortgage loans are scored very differently. No further explanation needed.

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How do you get that?

One installment loan crossed 80% and bada_bing got a bump: how from your read of that thread is it conclusive proof that it is scored very differently when my own mortgage loan dropped my prior installment utilization down effectively the same number of points I gained previously and we've seen auto loans and share secure loans are effectively the same?  We already know there's a threshold at either 80 or 70% give or take.  It's not unreasonable that there's going to be differing datapoints in any experimentation when trying to find something out especially in the somewhat unknown evironments that are people's credit reports... if you don't undestand that, well I can't come up with an explanation that isn't a violation of this forum's TOS.

Do some analysis and research dude, jesus: actually read the threads.  I find the fact you have come here to simply troll the data that's been aggregated here anathema, if you hate this forum this much go back.

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I had only 1 break point, at 10%, for a SSL.

There is not 1 single data point for anyone having a higher break point for a single SSL. Even if someone does come up with that data point it will only be relevant to that particular peron's profile. There is no reason to assume that anyone will ever come up with that data point.

If SSLs only have 1 break point, then they are obviously no being scored the same as other installment loans.

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Incorrect.  I had my installment for 1.5 years before pay down.  80% showed a pop.  70% showed a pop.  More important, my scores stopped swinging wildly when I added another cc or two.  

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Thanks for the info.

I have seen some solid data from CAPTOOL and Masscredit showing a step change bump up in score when dropping below a nominal 70% threshold. CAPTOOL's 70% data is based on installment loans in aggregate. Masscredit's data is for an Auto loan and that result appears to conflict with SJ's result. 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Why-did-I-lose-14-points-from-this/m-p/46...

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Why-did-I-lose-14-points-from-this/m-p/46...

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Why-did-I-lose-14-points-from-this/m-p/46...

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Why-did-I-lose-14-points-from-this/m-p/46...

It has been said in the past that age of an open loan(s) is a factor in scoring. Perhaps solid payment history on loans with some age (over 12 months) are looked at differently than new loans relative to B/L ratio threshold. 

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As I've pointed out before, CAPTOOL's data was an aggregate of SSLs and Lending Club type loans. We have know idea how those typoe of loans are scored.

Masscredit's data made my head spin, but it was essentially for an auto loan. And as you said TT, it conficts with SJ's data.

We still, after almost a year, have no data points for an SSL having an upper scoring threshold.

The lack of clean data points after that much time is a data point in and of itself.

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As CL, I ask that we speak not so abruptly, as to keep it FSR.  I understand you feel strongly about your convictions, but please, it is not what we say, but how we say it ( look at my initial statement that you quoted, several times).  Thanks for understanding.