Adding an installment loan -- the Share Secure technique

[Anonymous]

Umm... Whoops.

I told the LO that I wanted my payment date to be the 29th. I was thinking 10 days out. I probably should have specified the month. My first payment is due JANUARY 29th! Oh well. I'm patient. I'll set an event on my phone for January 27th so that I check for the ability to delete autopay.

This means I may not see the max gains on my 2/26 credit pull. We'll see.

[Anonymous]

Hi Driver.  Do you have a time-urgent need to see your maximum gains ASAP?  If so, just pay your loan down to $44 now.  That $44 balance will report on Dec 31 and it will appear on all three reports between Jan 4 and Jan 10. 

There's a chance that one more autopay could go through, but it sounds like you plan to prevent that by timing your cancellation precisely.

[Anonymous]

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@Anonymous wrote:

Hi Driver.  Do you have a time-urgent need to see your maximum gains ASAP?  If so, just pay your loan down to $44 now.  That $44 balance will report on Dec 31 and it will appear on all three reports between Jan 4 and Jan 10. 

There's a chance that one more autopay could go through, but it sounds like you plan to prevent that by timing your cancellation precisely.

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Nah. My only need is that I WANT IT NOW!!! 

I'll follow the steps. They've been good to me so far. That sign up was super easy and the LO was cool. I'm really starting to like Alliant.

[Shann0n_marie]

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@Revelate wrote:

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 You will probably need an additional few tradelines for mortgage qualification... there are some lenders that will UW on 1 tradeline but many are at 3-4 whereas sans PLOC I think you're at 2.  I will state that score will be gone as soon as the PLOC is gone, you'll likely drop back to where the other bureaus are, and I would establish new accounts now and get that all aging immediately.

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I've been a mortgage underwriter for 10+ years.  The credit profile he stated would receive an automated loan approval through DU (Desktop Underwriter) which is the main AUS (automated underwriting service) for loans sold to FNMA.  We don't pick apart credit reports like that, if DU accepts it, it is acceptable credit, we will just review to make sure payments are reflected, no disputes and to determine credit usage.  Min of 3 tradelines is a requirement for manual underwriting, which is a very very rare thing nowadays for conventional loans.

[Meanmchine]

First off thank you OP for this thread. Also, a Happy New Year to everyone

This threat ( at this writing ) is now 69  pages long and I confess that I havnt read it in full. I apologize in advance if my question has been answered

On my credit reports I have 3 mortgages reporting (2 closed and 1 open/current 10 years old ). I also have an open LOC reporting 3+ years old $0 bal ( TU only ). No car loans and no student loans.

Would I benefit from SSL?

Thanks

[Anonymous]

The evidence thus far appears to be that, for someone who like you has an open mortgage (which certainly is an installment loan) it dominates the installment utilization over and against a tiny $500 SS loan -- simply because the original amount of the mortgage was so huge.  Thus if a person wants to reduce his installment U he might just as well pay down his mortgage some more rather than play games with an SS loan.

And no problem asking the question!  Certainly don't expect you to read all those 666+ posts (ack! the number of the Beast!).  Please do read the first three posts, however.  That's as far as you need to go.

[Revelate]

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@Shann0n_marie wrote:

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@Revelate wrote:

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 You will probably need an additional few tradelines for mortgage qualification... there are some lenders that will UW on 1 tradeline but many are at 3-4 whereas sans PLOC I think you're at 2.  I will state that score will be gone as soon as the PLOC is gone, you'll likely drop back to where the other bureaus are, and I would establish new accounts now and get that all aging immediately.

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I've been a mortgage underwriter for 10+ years.  The credit profile he stated would receive an automated loan approval through DU (Desktop Underwriter) which is the main AUS (automated underwriting service) for loans sold to FNMA.  We don't pick apart credit reports like that, if DU accepts it, it is acceptable credit, we will just review to make sure payments are reflected, no disputes and to determine credit usage.  Min of 3 tradelines is a requirement for manual underwriting, which is a very very rare thing nowadays for conventional loans.

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We still get a number of posts on it even though it makes less than zero sense from a business practice, some lenders are apparently slow to change; though I would agree if a lender pulls that to paraphrase what Eazy-E famously said: throw them in the gutter, and go get another.

[Meanmchine]

TY CreditGuy

[Anonymous]

My Results from using the SSL technique.  

I started out this process trying to learn how to get my scores up to a level where I would be approved for several credit cards since my report was completely clean.  I had NO current revolving or installment credit. The only account on my reports was a BMW car loan from 2005-2010 which was PIF. 

I came across this thread and with a little guidance from CGID and others I applied with Alliant for the $500 SSL.  This process was fairly painless, but does require some patience. It took approx 10 days to get my account setup and funded.  I had the LO setup my due date on the 25th of the month in hopes it would report in early Dec, which it did. I tried everyday for approx 10 days to pay it down to $43 to see what would happen. It finally allowed me to cancel the auto-payment and pay it down to $43 on 11/24 the day before the 1st payment was due. This is similar to what others have reported. At this point I could have transferred $450+- back to my checking account, but decided to keep the savings account active and use it for a rainy day fund.

I tried as best possible to isolate the SSL on my reports to give a clear picture of the results. Unfortunately Equifax  did not cooperate in this because the put a FA on my account because THEY had the wrong address, and it took 2 weeks to straighten it out. So the Equifax  results reflect several things reporting at once and brought the scores down from what they would have been otherwise.

Experian : 686 to 723  (ONLY SSL REPORTING)

Equifax :   689 to 702  ( Several things reporting including 6 INQ, SSL, 2 new accounts)

T U:         729 to 757   (ONLY SSL REPORTING)

All scores based on FICO8 by CCT

As a result of this technique I was able to bring up my scores enough to be approved for 7 CC totaling 42k in SL, including the Alliant platinum rewards card

[Anonymous]

Glad everything worked out well for you, pal!