Adding an installment loan -- the Share Secure technique

[Bigshrimp]

After reading this thread over and over and over again for past 2 months, I belive it will help me greatly...Before I apply this technique let me be clear I fully understand correctly...

Right now my mortgage scores are EQ-705, TU-705, EX-706, so It wouldnt help if I was searching morgtage loan  today...But next month I feel TU will jump about 20 pts leaving EX as medium score, so applying technique could potentially push EX back over TU leaving TU at a higher Mid score?

Lookin at the other scores Fico 8

EQ listed as negatives in order are Collection,No recent installment, short history

TU listed as negatives in order are Collection, No recent installment, Too few accounts, and short history

EX listed as negatives in order are Collection, short history, Too few accounts, No recent Installment

I do have one PIF collection on each, TU does have 3 other collections to fall off anyday so reason I say the TU scores will rise

Looking at factors on bank scores and Fico 9 would greatly help with this technique as well

Fico 9 scores are not counting the collection so they are at 800s so like to see how these react as well...

Thin file here as well.  5 accounts- 4 open CC, 1 closed auto in 08 AAoA-about 42 months

So Long term helping Mortgage mid score, adding an installment account, adding anouther TL to thin file, helping a lot of other scores...Anything I may be missing befoe I make final decision on applying technique?

[Anonymous]

Your analysis of your likely benefit is thoughtful and sound.  Seems right on target.

Best of luck!

[Bigshrimp]

---

@Anonymous wrote:

Your analysis of your likely benefit is thoughtful and sound.  Seems right on target.

Best of luck!

---

Thank you...There was reply from Relevant on one of my other post about a month ago that the light bulb finally click...Been looking at charts and graphs and whatever I could get ahold of on here...

I will start this process tomorrow and update as I go...The Garden may not like it as I'v been in garden 14 months...

Shrimpy

[newhis]

---

@Bigshrimp wrote:

Thank you...There was reply from Relevant on one of my other post about a month ago that the light bulb finally click...Been looking at charts and graphs and whatever I could get ahold of on here...

I will start this process tomorrow and update as I go...The Garden may not like it as I'v been in garden 14 months...

Shrimpy

---

Good luck.

I read that Alliant reports on the 1st, so you may not be able to finish the process for your loan to report December 1st.

[Anonymous]

Newhis makes a great point... thanks!  It's possible you could get everything in place by Nov 29, but do not count on it.  More rational is to expect that you will get your score boost by mid-January.

[Bigshrimp]

Thanks for the heads up... I would like to have seen the difference with 4 collections vs them falling off TU...I'v spent over 2 years to get to where im at so waiting till first of the year want hurt...

[Anonymous]

---

@Bigshrimp wrote:

Thanks for the heads up... I would like to have seen the difference with 4 collections vs them falling off TU...I'v spent over 2 years to get to where im at so waiting till first of the year want hurt...

---

It sometimes takes the credit bureaus several business days after it is reported before the updated record will appear in their databases.  So as I said earlier, it may take till mid-January before you see it.  Remember too that MLK Day also falls in this period and also many credit bureau employees may still be on vacation on Jan 2, so that could extend the needed time by another business day.

[Anonymous]

Just pulled 3B FICO scores from CreditCheckTotal:

EX FICO8 787 (confirmed +33 pt boost)

TU FICO8 733

EQ FICO8 773

Amazing the difference between fico & fako scores. I wish I had pulled 3b prior to opening the SSL just for comparison. The $1 CCT trial was well worth doing.

I am blown away that in March of 2016 I had no credit score.

VERY HAPPY WITH SSL RESULTS!!!!!

Many thanks  to CreditGuyInDixie & Revelate for all their hard work, and advise of others too.

[newhis]

---

@Anonymous wrote:

Just pulled 3B FICO scores from CreditCheckTotal:

EX FICO8 787 (confirmed +33 pt boost)

TU FICO8 733

EQ FICO8 773

Amazing the difference between fico & fako scores. I wish I had pulled 3b prior to opening the SSL just for comparison. The $1 CCT trial was well worth doing.

I am blown away that in March of 2016 I had no credit score.

VERY HAPPY WITH SSL RESULTS!!!!!

Many thanks  to CreditGuyInDixie & Revelate for all their hard work, and advise of others too.

---

Congrats.

You only got 33 points with EX? or all 3?

May I ask why your TU is lower?

I can't get CCT, my loan should report December 1st and will only get TU/EX FICO thanks to Discover/Amex. I'll report my loan journey by the end of the year.

[Anonymous]

Here's my question.... You need at least $500 to set this up. But the money you use to secure it is inaccessible until you start paying right? So shouldnt the thread say you need around $960? Or am I missing something here and you can make the payoff from the secured savings?