Adding an installment loan -- the Share Secure technique

[Anonymous]

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@Anonymous wrote:

I am at the point to apply for this $500 loan.  When asked the purpose of this loan. I do not see "Building Or Rebuilding Credit"  in the drop down box.  What should I pick for the purpose of the loan? I was thinking of choosing other and then typing in Building Or Rebuilding Credit . Am I right in doing so?

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The option for Credit Rebuilding was definitely there in March of this year.  It was a very long list.  As the guidance mentions, it might be somewhere near the bottom..  Would you mind slowly rechecking every option in that list?  They might have changed its name.

If you have to, your plan is fine (choosing "Other" and then typing in "Building Or Rebuilding Credit").  But before you do that you'd really help out the broader community if you would take time look through that list.  We can't look through that last without applying for another loan -- you are the person best positioned to help us out.  In a perfect world, it would be great if you could reproduce that list line by line for us here -- though I realize that would take a lot of typing.  Just taking a couple minutes to slowly look through it would be a help to us.

The good news is that as I say earlier I don't see your plan creating a barrier for getting the loan.  You just have to put something in.

[newhis]

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@newhis wrote:

Here is my hypothesis to set an automatic payment just from saving account to loan account within Alliant.

1.- pay down your loan to the point that the next payment is way into the future and only for a few cents

2.- you need to cancel the recurring payment set by the loan officer

3.- set a recurring payment from your savings to your loan, you can't change the amount or the frequency but they let you change the start date

4.- change the start date from 4 years into the future to 5 months from now 

5.- the loan will then be paid monthly just for a few cents

Make sure you don't finish paying early and don't forget to pay the balance on time.

NOTE: This is just a theory. I need to work with this to prove it. My next amount due is a little over $4, so I can't do it right now. I'm waiting to make sure that everything is working before changing anything else.

Few cents: it should be less than the balance divided by 55, so 80 cents is a good number

Start date: they set the date to 4 years in the future and you can change it to somewhere between now and 364 days in the future

5 months from now: just to make 55 payments and have a nice round $0.80 payment 

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Well, it doesn't work. The system will let you change the date for first payment but once you press the 'continue' button, the system change the date to first payment in 2021 (review screen).

My EX score increased 25 points. TU should update in a couple of days (Discover).

[Anonymous]

Experian jumped twice this month:

12/2: 797 --> 811 (SSL hit 3 months)

12/12: 811 ---> 850 (CAP1 hit 9 months & I let a small balance report)

Yah....I think the SSL Technique worked very well.

Highly recommended.

Thank you to CreditGuyInDixie, Revelate and others for all your help...especially considering I had no credit score 9 months ago.

[newhis]

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@Anonymous wrote:

Experian jumped twice this month:

12/2: 797 --> 811 (SSL hit 3 months)

12/12: 811 ---> 850 (CAP1 hit 9 months & I let a small balance report)

Yah....I think the SSL Technique worked very well.

Highly recommended.

Thank you to CreditGuyInDixie, Revelate and others for all your help...especially considering I had no credit score 9 months ago.

Previous post:

‎11-23-2016 01:14 AM

Just pulled 3B FICO scores from CreditCheckTotal:

EX FICO8 787 (confirmed +33 pt boost)

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 Wow, congrats. I saw your previous post and added here for others to see.

So you went from no score to 754 to 787 (33 boost with SSL), to 811 and now 850 in 9 months. That's awesome. Great score to start building a thicker profile.

Maybe I can get a score near 850 in a few months, once my SSL loan and CSR get older.

I may need to dispute 2 AU accounts to bring my AAoA up.

[newhis]

Just pulled 3B FICO scores from CreditCheckTotal:

EX FICO8 787 (confirmed +33 pt boost)

[Revelate]

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@Anonymous wrote:

Experian jumped twice this month:

12/2: 797 --> 811 (SSL hit 3 months)

12/12: 811 ---> 850 (CAP1 hit 9 months & I let a small balance report)

Yah....I think the SSL Technique worked very well.

Highly recommended.

Thank you to CreditGuyInDixie, Revelate and others for all your help...especially considering I had no credit score 9 months ago.

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Wow!

I haven't really kept track of this thread (mea culpa) but would you mind describing what's on your EX file?  No credit score to 850 in 9 months?  Would love to hear how that progressed .

[newhis]

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@Revelate wrote:

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@Anonymous wrote:

Experian jumped twice this month:

12/2: 797 --> 811 (SSL hit 3 months)

12/12: 811 ---> 850 (CAP1 hit 9 months & I let a small balance report)

Yah....I think the SSL Technique worked very well.

Highly recommended.

Thank you to CreditGuyInDixie, Revelate and others for all your help...especially considering I had no credit score 9 months ago.

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Wow!

I haven't really kept track of this thread (mea culpa) but would you mind describing what's on your EX file?  No credit score to 850 in 9 months?  Would love to hear how that progressed .

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 Hi Revelate, I guess you are on mobile so you can't see BlueSky signature, here it is:

FICO: EX 850 (12/12/2016: 1 inq, aaoa 7.5y) | TU 740 (12/2/16: 1 inq, aaoa 4mo) | EQ 786 (12/2/16; 4 inq, aaoa 7.5y)

TL: CAP1 Secure VISA ($7.07/500 opened 3/16) | Alliant SSL ($42.99/500 opened 9/16) | PLOC $0/300, opened 1994 drops soon ( EX 2018, EQ 2017, TU n/a)

[Revelate]

Thanks! Vicariously giddy seeing that awesome datapoint for comparitive purposes!

[Anonymous]

A crucial thing to observe for anyone following the last few posts is that our friend BlueSky had a twenty-two year old account on his file.  It had been closed for a while, which is the reason he could quite correctly say that he had no FICO score nine months ago.

If you miss that fact, however, you might well think that a person could start with no accounts and in nine months have an 850 score.  That's what I thought was being claimed and my jaw hit the floor. 

That extremely old account was essential in helping him have an healthy AAoA but also (and more importantly) an ultra-old "Age of oldest account", one of the three factors used in scorecard assignment (for clean profiles).  If his age of oldest had been < 1 year there is no way he could have been placed in a scorecard capable of reaching 850.

But regardless, golly are we all happy for BlueSky and his great news!  Congrats, pal.

[newhis]

I think BlueSky profile is really unique, and it shows that to reach 850:

- you don't need 3 or more open credit cards

- you don't need AAoA of 8 years (I have read that a few times)

- you don't even need 3 open TL

Also shows that you can get a good mid 700 score in 9 months with only 1 card and 1 SSL (TU score).

[Revelate]

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@newhis wrote:

I think BlueSky profile is really unique, and it shows that to reach 850:

- you don't need 3 or more open credit cards

- you don't need AAoA of 8 years (I have read that a few times)

- you don't even need 3 open TL

Also shows that you can get a good mid 700 score in 9 months with only 1 card and 1 SSL (TU score).

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Could get to that just with 2-3 open credit cards for a year too.  760 year 1, 800 year 2 on FICO 8... the installment loan is just extra goodness.