Adding an installment loan -- the Share Secure technique

[Anonymous]

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@Anonymous wrote:

hi all and in particular CreditGuyInDixie

how long it takes before the installment loan reflects in your credit score,

I am trying everything I can to increase my score from 701 to 720 in 2 months, We have a plan to take home loan after 3 months.

Can this installment route work ?

THanks again !!!

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Hi FicoUser!  Yep as Revelate mentions, this strategy isn't the first route of attack for improving the mortgage models.  As per the guidance:

I am preparing to buy a house soon,  Will this technique help my mortgage scores?

The technique is really intended to help a person with his FICO 8 scores, not his mortgage scores.  But... if you have no installment loans of any kind, including closed ones, then it's worth doing.  Also, if getting a 20 point boost to your EX mortgage score would change the value of your "middle" score, then again it is worth doing.  Otherwise it does not appear to help a person's EQ or TU mortgage scores.

So here are a few questions that may help you make some decisions:

(1)  Do you have any closed installment loans on your report?  Any open installment loans?

(2)  How many credit cards do you have?  Do you currently have all of them reporting $0 except for one, and that one is reporting a small positive balance (like $10)?

(3)  Have you subscribed to the myFICO Premium service?  That gives you your mortgage scores once a month.  I normally don't push people to get that, but given your unique situation and very tight timeframe it would be a good choice for you.  Also, have you become a member of a free service like Credit Karma, which would let you pull your reports every week to keep track of your CC balances?

(4)  Do you have any derogs?  (Lates, chargeoffs, collections, liens, judgments, public records, etc.)

[joltdude]

After having some mistiming issues with the loan and the first payment being due in the next month... having to wait a month for it to post again and such.. CU finally reported the previous loan closed as well.. Score rebounded by 11 points... Same utilization, same accounts paid off in full, even some more time...Still missing a few points but opened a new card In Jan/Feb ... That usually takes rougly 3 months to rebound for the new account 

So yes.. A SSL can also be used to keep your score stable if you dont have any open loan products .. 

Sitting pretty at 742...TU Fico

Previously 731 TU Fico

Jan was 751 TU Fico (can't find my Feb one.. Grrrh) So im attributing the 9pt loss that still isnt accounted for due to New Accounts (Yep Amazon Chase card reported opening in Feb)

Still trying to get above 750... Sigh.. Iv plateued.. The Fakos have basically been a straight line (only get monthly FICOs from Disco and someone else) 

-J

[Anonymous]

My autopay was initially supposed to go through on Friday 5/5 but I was able to delete it today, 3 days ahead of time.

I noticed that in the beginning of the thread that Jorgasm was able to delete his and an autopay did NOT go through since he deleted it beforehand.

What has been the case for people when they were able to delete the autopay prior to the initial autopay date?

[Anonymous]

What I think almost everyone experiences who deletes the AP in the 1-3 days before its first scheduled date is that the AP then does not go through.  Certainly give us a heads up next week if you experience something else.

[Anonymous]

My first auto payment just went through, May 1st was when it was scheduled and it has cleared, my new balance is $71. When I choose delete the autopay it says I have successfully deleted it, but it is still there. I logged out and logged back in and tried again and it says the same thing and is still there.

[Anonymous]

In addition to the above message, I just checked my Alliant App and the scheduled transfer is not there, it was there yesterday so when I deleted it on my laptop it must have worked and maybe there is just a lag in the full site info.

[Anonymous]

I've deleted my auto pay successfully and made a final payment to bring my balance to $44, now I just need to make sure I make small payments throughout the rest of my loan term but I do not need to make a payment every month-Correct?

[Anonymous]

That's right.  As per the guidance, once you have paid it down to $44, all you need to do is keep the savings and loan accounts from becoming in activity.

As the guidance mentions, a common strategy is to make a $1 push from a checking account and set it up to run every 3 or 6 months. 

[Anonymous]

Just an update for the archives...

Took $520 in cash over to Alliant (down the street from me!) and they told me no cash deposits ever.  Oops.  So I took it back to Chase and redeposited it and went to Alliant's website yesterday and set up a $520 ACH pull from Chase.  I think it was pretty early, maybe 10am.

This morning at 6am I saw that the ACH cleared Alliant and Chase already (super fast) so I went through the app for the SSL around 7am (really fast, maybe 3-4 pages) and at 8:15am I received an email from a "loan consultant" documenting the loan amount ($500) and that they can fund it from my savings and the payment date.  I emailed back asking for an earlier payment date if possible and looks like I just have to wait for the email Docusign to finalize it.

Really easy and fast -- other than not knowing you can't make cash deposits at a branch.  My bad, I'm sure it was discussed elsewhere but I must have missed it.

[DaveInAZ]

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@Anonymous wrote:

Just an update for the archives...

Took $520 in cash over to Alliant (down the street from me!) and they told me no cash deposits ever.  Oops.  So I took it back to Chase and redeposited it and went to Alliant's website yesterday and set up a $520 ACH pull from Chase.  I think it was pretty early, maybe 10am.

This morning at 6am I saw that the ACH cleared Alliant and Chase already (super fast) so I went through the app for the SSL around 7am (really fast, maybe 3-4 pages) and at 8:15am I received an email from a "loan consultant" documenting the loan amount ($500) and that they can fund it from my savings and the payment date.  I emailed back asking for an earlier payment date if possible and looks like I just have to wait for the email Docusign to finalize it.

Really easy and fast -- other than not knowing you can't make cash deposits at a branch.  My bad, I'm sure it was discussed elsewhere but I must have missed it.

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??????? What kind of bank/credit union doesn't accept cash deposit? I would think that would violate their fed/state banking/CU charter, Accepting cash & providing cash withdrawals is one of the basic functions of a bank/CU. I have  savings & car loan at a small local CU with main branch in Douglas AZ on the Mexican border, and a small branch in the small town of Benson AZ, where I go to. I get cash from a couple sources andf deposit $400-$500 per month at that little branch, never a question.  i use part of it to cover the auto draft car payment and ACH the rest out.