Adding an installment loan -- the Share Secure technique

[Anonymous]

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@steelholder wrote:

Did you guys get a boost in your score as soon as it reported, or did it take a bit? Im seeing alliant reported in my CCT report but only saw a 10 point boost for equifax. Im in no rush just wondering. I also noticed my credit karma vatage scoring went up but not the real deal fico.

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What was your before and after score?

Do you have any possible open installent loan showing other than the SSL?  Auto, student, mortgage, personal?

[manyquestions]

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@steelholder wrote:

Did you guys get a boost in your score as soon as it reported, or did it take a bit? Im seeing alliant reported in my CCT report but only saw a 10 point boost for equifax. Im in no rush just wondering. I also noticed my credit karma vatage scoring went up but not the real deal fico.

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Immediate. As soon as it reported paid down to about  $44 (less than 10% of original balance).  Which scores are you looking at?  It has the biggest impact on FICO 08 and 09. 

[steelholder]

ABCD, my scores are on the low 600s. I had an old car loan that is reported as closed for EX and TU but open for Equifax. I'm assuming this is culprit. I have not looked at it close enough before. I realize this method is for those with NO installment loans. I thought that was me..sigh.

[Glen_M]

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@Glen_M wrote:

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I get a myFICO 3B report a few days after the monthly statement date for the loan, we'll see if they update anything else before the first one is actually due.  Experian seems quick to respond.

Nothing new in this months report.  Including no new inquiries -- which I'm glad to see, knowing that NFCU was pull happy for most account types (the only inquiry listed at all is the one for NFCU membership).  There are still some details missing for the account in the reports (last activity, high balance; "pays account as agreed" but nothing on the timeline), so I'm going to keep my fingers crossed that there is still more score improvement to come after the first statement.

[steelholder]

Just to be clear, even a closed installment account still reporting will render this method useless for increasing your fico correct?

[Anonymous]

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@steelholder wrote:
Just to be clear, even a closed installment account still reporting will render this method useless for increasing your fico correct?

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No, that is incorrect.  As per the guidance (emphasis added)....

Who will benefit from this technique?
The people who will benefit the most are people who have no installment loans, open or closed, on their credit report.  People who will also benefit (but not as much) are people who do have a closed installment loan but who have no open installment loans.

Who will not benefit from this technique?
*  People who already have an open installment loan.

[Anonymous]

Alliant Loan Shows Twice            

Got a $500 Alliant Secure loan in April and paid it down to $80 right away.  Now that it’s reporting on Credit Karma it shows one open and one closed loan, which doesn’t seem right?  Should I worry about it and possibly dispute or leave as-is?  I wasn’t sure if the erroneously reported closed one is hurting/helping or neither my score. This is how both read on Credit Karma:

First (closed):

Alliant CU Secured Loan

Opened 4/10/17

Closed 4/11/17

60 months, Balance $0.00

High Balance $500

Last Reported 4/11/17

Second (open):

Opened 4/11/17

Closed ---

60 months, Balance $80.00

High Balance $500

Last Reported 4/30/17

[Anonymous]

Credit Karma is not a real credit report.  It's useful for looking for warnings that might make you want to pay for the real deal.

I would ignore this and see if they fix it in their internal system next month/pull.

[Anonymous]

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@Anonymous wrote:

Credit Karma is not a real credit report.  It's useful for looking for warnings that might make you want to pay for the real deal.

I would ignore this and see if they fix it in their internal system next month/pull.

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Update:  pulled reports on CCT and all three show the open and closed Alliant.  

Also found handful of other old closed accounts that reflect an open status on one report and closed on the other two.  

[newhis]

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@Anonymous wrote:

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@Anonymous wrote:

Credit Karma is not a real credit report.  It's useful for looking for warnings that might make you want to pay for the real deal.

I would ignore this and see if they fix it in their internal system next month/pull.

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Update:  pulled reports on CCT and all three show the open and closed Alliant.  

Also found handful of other old closed accounts that reflect an open status on one report and closed on the other two.  

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If your real reports show the Alliant twice, it way be hurting your AAoA. Some people with thin credit files will keep it as is, other with older files will try to fix that, that way they will not have 2 new loans, only 1.