Auto Loan Dropped from 18.18% to 9.92% Utilization. FICO 8 changes:

[Anonymous]

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@CH-7-Mission-Accomplished wrote:

I have an auto loan from Alliant.   I got the loan in January 2019 and have been paying it down quickly.

Original loan amount - $30,251
Alliant updates balances on last day of month; updated balance appears on reports 1-3 days later
7/31/2020 Balance - $5500 (18.18% remaining)
8/31/2020 Balance - $3000 (9.92% remaining)

So I passed under 10% "utilization."   Updated installment loan was the only change from 9/1 to 9/3

FICO 8 changes:

EX^4

EQ^8
TU^7

The loan is paid ahead until 1/25/2024

I will pay it down to precisely 8.9% for 9/30 reporting and see if/what additional points I gain for hitting 8.9%.

Everybody's profile is different.   This is just my data point.

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On what dates did you pull those Fico scores?  You said the updates reported 1-3 days  after 8/31. So one of them reported on 9/1 and  you must be  comparing it with a score in August. But then the change in score might be due to aging.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

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@CH-7-Mission-Accomplished wrote:

I have an auto loan from Alliant.   I got the loan in January 2019 and have been paying it down quickly.

Original loan amount - $30,251
Alliant updates balances on last day of month; updated balance appears on reports 1-3 days later
7/31/2020 Balance - $5500 (18.18% remaining)
8/31/2020 Balance - $3000 (9.92% remaining)

So I passed under 10% "utilization."   Updated installment loan was the only change from 9/1 to 9/3

FICO 8 changes:

EX^4

EQ^8
TU^7

The loan is paid ahead until 1/25/2024

I will pay it down to precisely 8.9% for 9/30 reporting and see if/what additional points I gain for hitting 8.9%.

Everybody's profile is different.   This is just my data point.

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On what dates did you pull those Fico scores?  You said the updates reported 1-3 days  after 8/31. So one of them reported on 9/1 and  you must be  comparing it with a score in August. But then the change in score might be due to aging.

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I pull my scores every day.   On 9/1 none of the scores had updated (car balance was same as last month), then on 9/2 EX updated with the paid down balance and change in score, and then on 9/3 the last two bureaus updated the new lower balance and updated the scores.   There were no other changes.    

[CH-7-Mission-Accomplished]

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@Duke_Nukem wrote:

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@CH-7-Mission-Accomplished wrote:

I have an auto loan from Alliant.   I got the loan in January 2019 and have been paying it down quickly.

Original loan amount - $30,251
Alliant updates balances on last day of month; updated balance appears on reports 1-3 days later
7/31/2020 Balance - $5500 (18.18% remaining)
8/31/2020 Balance - $3000 (9.92% remaining)

So I passed under 10% "utilization."   Updated installment loan was the only change from 9/1 to 9/3

FICO 8 changes:

EX^4

EQ^8
TU^7

The loan is paid ahead until 1/25/2024

I will pay it down to precisely 8.9% for 9/30 reporting and see if/what additional points I gain for hitting 8.9%.

Everybody's profile is different.   This is just my data point.

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Was there any change in your mortgage scores, too?  I suspect not, but curious.

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No, the three mortgage scores are the same.

[CH-7-Mission-Accomplished]

I just checked the FICO 9 changes.   They are even more staggering.

FICO Score 9

EQ 814 to 829 (up 15)

TU 817 to 836 (up 19)

EX 785 to 793 (up 8)

I double checked and there were no other significant changes aside from one more month of AAoA's.

I didn't do the loan paydown with any thoughts of seeing the effects on score so somewhere between 18.18 and 9.92% is where a marker was passed.   If I were guessing I would say going under 10%.    Let's see what happens when I hit exactly 8.9% next month.

My profile and scores almost never change.   Sometimes they stay the same for a year.   I only let one or two revolvers report a $5 balance.

I did see big jumps in May/June as my remaining IIB accounts rolled off.

[CH-7-Mission-Accomplished]

Yes the only installment account.

[Anonymous]

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@CH-7-Mission-Accomplished wrote:

Original loan amount - $30,251

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Just to make sure: Is that how it reports on each of your CR's?

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

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@CH-7-Mission-Accomplished wrote:

Original loan amount - $30,251

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Just to make sure: Is that how it reports on each of your CR's?

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Yes, it's the same on all three bureaus.

[Anonymous]

You don’t have to hit 8.9%, you have to hit 9%. And yes, we can guarantee you you will see a change when you hit 9% B/L, and it will be more significant by far than what you just saw.

The 9% B/L aggregate installment threshold is consistent across version 8, it’s not profiles specific; we may not be able to tell you the magnitude, but we can tell you its going to happen at 9% and there are more threads and data points than you can count on it.

Edit: @CH-7-Mission-Accomplished apparently due to recent information you may only have to hit 9.4%.