Adding an installment loan -- the Share Secure technique

[Anonymous]

I feel certain that your TU SS-related boost was greater than 37, but that (as you suspect it was muted by the damage to your age from the old account falling off.  Your AOA went from 19 to 9 and your AAoA went from 3 to 1.  Expect a boost when your AAoA crosses back to 2.0.

Thanks for the kind word!

[Anonymous]

Good News: EX FICO  +33 (754-->787)!!!

Ok news: TU FAKO +6 (684-->689)

Bad news: EQ FAKO -47 (748-->701)

EQ now reports 2 open loans (one PLOC from 22 years ago, last reported 2007....and I think AAOA was dinged).

Ouch!!!

In retrospect, I might have held off on opening the SSL until the old PLOC loan dropped off in Nov 2017, thus keeping the open loan count on EQ to just 1. Until then, the big drop on EQ is going make it difficult to get the Chase bonus cards I covet.

Perhaps reporting zero CC balance is holding it down...I will be amazed if a $2.02 CC balance wiil approach  EQ 748 again.

At least the nice boost to my EX score will help me get in good with AMEX...hopefully with a nice initial spend limit!!!

Thanks again to CGID & Revelate!!!!

[sjt]

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@Anonymous wrote:

Good News: EX FICO  +33 (754-->787)!!!

Ok news: TU FAKO +6 (684-->689)

Bad news: EQ FAKO -47 (748-->701)

EQ now reports 2 open loans (one PLOC from 22 years ago, last reported 2007....and I think AAOA was dinged).

Ouch!!!

In retrospect, I might have held off on opening the SSL until the old PLOC loan dropped off in Nov 2017, thus keeping the open loan count on EQ to just 1. Until then, the big drop on EQ is going make it difficult to get the Chase bonus cards I covet.

Perhaps reporting zero CC balance is holding it down...I will be amazed if a $2.02 CC balance wiil approach  EQ 748 again.

At least the nice boost to my EX score will help me get in good with AMEX...hopefully with a nice initial spend limit!!!

Thanks again to CGID & Revelate!!!!

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Did you get these FAKO scores from CK? IPF so it's a Vantage 3.0 score and they penalize you for new accounts. You do recover in a short time. Your other FICO scores will be along the lines as your EX FICO score.

[Anonymous]

Yes, FAKO scores are from CreditKarma. I may pull myFICO 3B to see the real scores. I wanted to review my AnnualCreditReports first, however EQ & EX are giving me via snail mail only options...

[Anonymous]

I am now wondering if reporting the old PLOC (Personal Line of Credit) as closed would hepl boost my EQ score. This would return the loan count to 1.

The old account was opened 22 years ago, last reported to EQ in Nov 2007 as Open. This is a bank I havent used in 20 years & the account reported as closed to EX in 2008.

Would filing a dispute to get the old loan account reporting as closed be  possible & benefical?

Would this hurt AAOA? 

[newhis]

I bet all your FICO scores jumped 30-35, if nothing else changed on TU and EQ.

If you don't have the FICO scores before SSL, then you will not know how much they jumped.

I don't know if the PLOC is better open or close. 

The AAoA will only change when you open a new account or an old account drop from your reports. It doesn't change if is open or close.

[Anonymous]

Great that you want to get your credit reports as pretty as possible before spending money on credit scores.  And Credit Karma is a great tool for pulling your EQ and TU reports as often as once a week.  You should ignore the scores you get from Karma and also ignore anything Karma says about your age related factors.  It's calculation of your AAoA and your age of oldest account will not correspond to what FICO uses (or even Vantage).

You can also get a free report from Experian once per month.  This is a service that they only started offering this year I believe.

You ask whether your PLOC switching from open to closed would affect your AAoA.  The answer is no.  Closed accounts affect all age-related scoring factors just as much as open ones do.  Of course it is quite conceivable that the act of filing the dispute could result in he lender simply deleting the account from your report.  It was closed a long time ago so they might do that.  More likely is that they would confirm it as closed and then it would fall of in a year or so when it reached the ten year mark.

Is this PLOC reporting as an installment account?  Remind us what the credit limit is on it?

Once you get your reports a little closer to where you want them, I would encourage you to try the $1 free trial at Credit Check Total.  That will give you a much better idea of what your three FICO 8 scores are at the same instant.  You can calcel the trial once you have the scores and the nice 3B report they give you.

[masscredit]

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@Anonymous wrote:

Great that you want to get your credit reports as pretty as possible before spending money on credit scores.  And Credit Karma is a great tool for pulling your EQ and TU reports as often as once a week.  You should ignore the scores you get from Karma and also ignore anything Karma says about your age related factors.  It's calculation of your AAoA and your age of oldest account will not correspond to what FICO uses (or even Vantage).

You can also get a free report from Experian once per month.  This is a service that they only started offering this year I believe.

You ask whether your PLOC switching from open to closed would affect your AAoA.  The answer is no.  Closed accounts affect all age-related scoring factors just as much as open ones do.  Of course it is quite conceivable that the act of filing the dispute could result in he lender simply deleting the account from your report.  It was closed a long time ago so they might do that.  More likely is that they would confirm it as closed and then it would fall of in a year or so when it reached the ten year mark.

Is this PLOC reporting as an installment account?  Remind us what the credit limit is on it?

Once you get your reports a little closer to where you want them, I would encourage you to try the $1 free trial at Credit Check Total.  That will give you a much better idea of what your three FICO 8 scores are at the same instant.  You can calcel the trial once you have the scores and the nice 3B report they give you.

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Is this legit? Real FICO 8 scores and reports? That's a great deal for a buck!!! 

[Anonymous]

Yep.  The $1 trial membership lasts 7 days.  Many people here seem to join and then cancel at least once a month.  To me doing it that often feels a little shady (on the consumer;s end).  It is after all supposed to be a trial membership.  That's just my own gut reaction, however.  And if CCT really wanted to I suppose it would be possible to limit one;s use of the trial to once every 5 years or so.  The onus should be on them, it could be argued.

It gives you your FICO 8 Classic score from all three bureaus and a 3B merged credit report.

[sjt]

Thanks for creating the spreadsheet!