Adding an installment loan -- the Share Secure technique

[Anonymous]

Wow! I signed in to Credit Check Total today and my Alliant SSL reported the 44$ balance to Experian.My Experian score went from 745 to 779 !!! I will wait until Credit Karma and Wallet Hub show that TU and EQ have reported the 44$ Alliant balance before I do a 3 bureau pull on CCT .I'm sure they (EQ and TU )are very near or over 800...also I have no neg or lates and have 11 accounts of which 8 are open...oldest account is 14.8 yrs! Also I have 2 auto loans that are closed .In summary..I am so glad I did the SSL..!!!Thanks Credit Guy and every one that has contributed!

[Anonymous]

Just ran my Credit Check Total 3 B report. Equafax went up from 766 to 806=+40pts TU went from 786 to 825 =+39pts. Experian went 745 to 779=+34pts. No other changes were made...I kept CC utilization the same 1%. All cards 0 bal except one @3$. And all account aged 1 month but no integer was crossed...and no inquiries fell off...or became a year old.. I was shocked to get 40 pt increase..only was expecting maybe 25 or so...I am still in shock!

[Anonymous]

That is amazing, Sae!

Congratulations and thanks for the update!

[Anonymous]

Hello SAE!  Delighted this worked out so well for you.  At some point I will go back and see what the typical benefit is that people are reporting.  35-40 points appears to be normal (as far as I can remember) for people who have no derogs or other obvious "ceilings" to their score.

Our friend Whitebird (who posted in the last week) is an example of how ceilings can cause you to get much less than 40 points.  For example, his TU score went from 822 to 850 (an increase of 28 points).  But since FICO places a maximum of 850 for even the best profiles, he would never have been able to get the full 35-40.

Dirty profiles also have ceilings, as do ultrathin profiles, etc.

[Revelate]

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@Anonymous wrote:

Hello SAE!  Delighted this worked out so well for you.  At some point I will go back and see what the typical benefit is that people are reporting.  35-40 points appears to be normal (as far as I can remember) for people who have no derogs or other obvious "ceilings" to their score.

Our friend Whitebird (who posted in the last week) is an example of how ceilings can cause you to get much less than 40 points.  For example, his TU score went from 822 to 850 (an increase of 28 points).  But since FICO places a maximum of 850 for even the best profiles, he would never have been able to get the full 35-40.

Dirty profiles also have ceilings, as do ultrathin profiles, etc.

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I have the impression from my dirty file that it mandates having a pretty installment utilization to hit any sort of ceiling when talking FICO 8.  My swings were just too large for a file that was tweaked as much as possible for my bucket to explain it otherwise.

[Anonymous]

Thanks, R!

[Anonymous]

Well today (of all days?!) my loan reported.  Gonna follow the suggestions and wait for the first auto pay to go thru next month.  Cant wait to see the results.  I am probably going to be using this technique on a few family members.  I still am baffled that most of the local CU's I have went to do not offer this type of loan with just a SP.

[rsl1313]

Hi All,

 As of today my Alliant loan was reporting with all 3 bureaus (balance $42). I got a nice bump from Experian (35 points), but only 17 from Equifax and 18 from Experian. I also noticed that both those bureaus (Equifax and Transunion) were reporting it as a "secured" account. Has anyone else run into this? Anyway, even a 17 point bump is nothing to sneeze at...

Equifax 673 Experian 651 Transunion 636

[Anonymous]

@ CGD

I'm at the point where I had one automatic payment clear and I cancelled reoccurring transfers.  What I need to do now is set up a payment to avoid inactivity.  Where I'm confused is in that you mention that if transferring with Alliant to do it every 3 months where as with an external billpay service to do it every 6 months.  Is it supposed to be 6 months for both? I assume we're using Alliant bill pay service if we have a checking acccount already? I can set it up every quarter or every 6 months, just not sure which to choose here. TIA. 

[Anonymous]

I'll review the guidance and make it clearer.  Strictly speaking, what you need is some activity no less often than every 11 months, since you are trying to avert the inactivity and dormancy fees, which appear to kick in at 12 months.

What I recommend is doing it every six months if you are doing it manually, which means not using any kind of automated approach.  Every 11 months would be fine, but 11 is a hard number to remember, whereas every six strikes me as easier.  Every 12 months might work but you are pushing it really close, since your planned day for logging in might fall a day after you get hit with the fee.

I contrast that with using an automated approach, which would involve using the billpay feature of a checking account and could (I explain) be done with either an Alliant checking account (internal) or a non-Alliant checking account (external).

If you are making an automated push with a checking account, I can't see a reason not to do it quarterly.  I chose quarterly as an example, because most billpay features permit that and it would solve the problem.  Not all billpay systems permit every six months, so I didn't mention that.  Some of the people on this thread have billpay systems that permit you to push REALLY tiny amounts, like 70 cents, and some of these folks are choosing to go with a tiny monthly amount.