Adding an installment loan -- the Share Secure technique

[getrdone1]

also if it helps any my AAoA is now 5.7 years and oldest account is 39.9 years after the SSL from alliant..in march, alliant had sent me the $500 bonus offer and i took it and did the $2500 dollar spend..that was my last new account and inquiry..kind of surprised at the good bump i got when i added the SSL...i was actually ok with being at low 800's on all reports...i did do a good fast early rebuild after bankruptcy until i got a rejection from discover on a pre approved application..then i gardened for a long while and got diners club at $30,000 october 2 years ago...it was a long haul and lots of sleepless nites trying to figure out what would be the best thing to do...but it is true....PLAYING THE CREDIT GAME IS LIKE WATCHING PAINT DRY AND NOTHING HAPPENS AS FAST AS YOU WOULD LIKE OR THINK THAT IT SHOULD!!!!! but i am happy with all that i have learned here and the source of information has been good and plenty..got my AMEX back and got into credit unions i never even heard of before..life is good again.. i actually almost feel whole again..now i am just a little too old to enjoy it...just kidding.. just too old to make the same mistakes..i hope!!

[Thomas_Thumb]

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@getrdone1 wrote:

also if it helps any my AAoA is now 5.7 years and oldest account is 39.9 years after the SSL from alliant..in march, alliant had sent me the $500 bonus offer and i took it and did the $2500 dollar spend..that was my last new account and inquiry..kind of surprised at the good bump i got when i added the SSL...i was actually ok with being at low 800's on all reports...i did do a good fast early rebuild after bankruptcy until i got a rejection from discover on a pre approved application..then i gardened for a long while and got diners club at $30,000 october 2 years ago...it was a long haul and lots of sleepless nites trying to figure out what would be the best thing to do...but it is true....PLAYING THE CREDIT GAME IS LIKE WATCHING PAINT DRY AND NOTHING HAPPENS AS FAST AS YOU WOULD LIKE OR THINK THAT IT SHOULD!!!!! but i am happy with all that i have learned here and the source of information has been good and plenty..got my AMEX back and got into credit unions i never even heard of before..life is good again.. i actually almost feel whole again..now i am just a little too old to enjoy it...just kidding.. just too old to make the same mistakes..i hope!!

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Depending on the paint and ventilation, you can get "happy" watching it dry. 

[Anonymous]

My Alliant loan reported to EQ and TU on the 6th. 

Scores from CCT pulled on 10/29:

EQ:  685

TU:  768

EQ had a judgement (my last negative on any report) still showing at that point.

TU had a longer AAoA and a 20 year oldest account at that point.

Updated this morning, 11/8:

EQ:  782    +97

TU:  805    +37

So the combination of the judgement falling off and the loan reporting really did the trick on EQ.

The TU jump may actually have been more if not for the oldest positive account aging off and dropping the AAoA to 1.6 years.  One 8 year old positve still reporting. 

EQ AAofA only .8 years, so age is the only thing holding me back from this point forward.  Hoping for everything to be above 800 once things age out a bit.

2 of 7 accounts reporting under 9%. 

Once the loan reports to EX, I should have a clean, isolated number for the loan effect, as everything will have been stable on that report from a baseline of 742.  I'll post it as soon as I have the info.

[newhis]

@Sheridan_Smith, very nice jump.

I have some things going on with my credit that I want to 'fix' before getting the loan (several cards with balances), may dispute 2 AU cards that bring down my AAoA, and I want to test the loan with 1 normal payment, then bring it down to 9%.

Maybe I'll do the loan first, then pay down and dispute. The problem with that is that I will not know exactly how many points I get for one thing and the other. It was just an idea.

Anyway, I can't access CCT or CK, so I will not know exactly when they report and what changed, or my score until Amex and Discover update them.

[Anonymous]

Experian reported the loan on 11-10, and I was able to get a score today.  742 to 769 for a 27 point boost.  Not as generous as TU and EQ, but not bad, either.  All in all, a most worthwhile endeavor.

[Anonymous]

Sheridan... glad things have worked out so well.

You mentioned a 37 point jump with TU and add: "The TU jump may actually have been more if not for the oldest positive account aging off and dropping the AAoA to 1.6 years."

What was your AAoA before that account dropped off?

Did your "age of oldest account" also change?

[newhis]

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@Anonymous wrote:

Experian reported the loan on 11-10, and I was able to get a score today.  742 to 769 for a 27 point boost.  Not as generous as TU and EQ, but not bad, either.  All in all, a most worthwhile endeavor.

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That is a good increase, congrats. So nothing else changed from the time you pulled 742 and now 769?

After your increase on TU and EQ I expected 30-35 points with EX. 27 is not bad, but is lower than what I expected.

[noobody]

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@noobody wrote:
I think I am the perfect candidate for this loan.

Around 800 CS with paid car loan dropped off my report 3 years ago.

All my 14 trade lines are credit cards.

AAoA 7 years, oldest account 21 years.

No negative info on report

Expect 20 points increase?

Opened saving account and transfer money on Friday, guess it will be available on Monday, then I can apply for the loan, I will report back with result.

Thanks OP for well written instructions and theory behind it.

One more question, does this loan count as new account as far as Chase 5/24 rule concerned?

I am at 4/24 after my CSR approval

Not that I will apply new Chase card any time soon, I am at Max exposure with them.

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@Anonymous wrote:

Hello Noobody.  You are a perfect candidate.  No installment accounts, closed or open.  A fairly thick profile with at least one old account and no derogs.

I will be immensely interested in hearing what benefit you get.  I would expect far more than 20 points in your case.  30-39 is more reasonable.  (As long as the increase would not bring you to 849, in which case it might be less.)

As far as the Chase 5/24 rule, that applies only to opening five credit cards in the last 24 months.  This is not a CC so the SS loan will have no effect on your 5/24 status.

Good luck!

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My first real FICO update is in.

EX FICO8 from discover jump from 793 to 832.

only other change is balance on my citi premier 2k/15K  >> 0/15K which i think is insignificant.

So, it is at least 35 points jump

Thanks CDG!

[Anonymous]

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@Anonymous wrote:

Sheridan... glad things have worked out so well.  Thanks.  And thanks for your time and effort on this-it's helping a lot of people.

You mentioned a 37 point jump with TU and add: "The TU jump may actually have been more if not for the oldest positive account aging off and dropping the AAoA to 1.6 years."

What was your AAoA before that account dropped off?   3.8 years

Did your "age of oldest account" also change?   Yes, I lost a 19 year old account.  Oldest now is 9 years.  Everything else is 1 year 4 months or less.

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[Anonymous]

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@newhis wrote:

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@Anonymous wrote:

Experian reported the loan on 11-10, and I was able to get a score today.  742 to 769 for a 27 point boost.  Not as generous as TU and EQ, but not bad, either.  All in all, a most worthwhile endeavor.

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That is a good increase, congrats. So nothing else changed from the time you pulled 742 and now 769?  Thanks.  Nothing changed that I can identify.

After your increase on TU and EQ I expected 30-35 points with EX. 27 is not bad, but is lower than what I expected.  Me too-I have no explanation for it.  But I'm plenty happy to have a 769.  I was at 586 in July of last year when I started working on improving my credit situation.  When I look back at what my level of ignorance was at that point, it frightens me.

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