Does AOYA include installment loans?

[SouthJamaica]

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@MissLiz wrote:

@SouthJamaica  I'm curious if you decided to take the leap and open the installment loan? Hoping for the best possible outcome!

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Thanks MissLiz

Not yet

[Revelate]

Late reply but I can confirm under all versions of the FICO algorithm I ever paid attention to that there's no difference when it comes to AOYA between a revolving or an installment  loan.  This might not apply to the credit card specific algorithms but I never paid attention to those. 

Any new trade line resets.  Saw this both in my secured loan testing back in the day, but more recently where the only thing I've opened in the past several years have been mortgages when a new one reports: ding!

My most recent crossed over a year and popped up to 848 in EX FICO 8.... Soon(TM). 

[SouthJamaica]

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@Revelate wrote:

Late reply but I can confirm under all versions of the FICO algorithm I ever paid attention to that there's no difference when it comes to AOYA between a revolving or an installment  loan.  This might not apply to the credit card specific algorithms but I never paid attention to those. 

Any new trade line resets.  Saw this both in my secured loan testing back in the day, but more recently where the only thing I've opened in the past several years have been mortgages when a new one reports: ding!

My most recent crossed over a year and popped up to 848 in EX FICO 8.... Soon(TM). 

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Yes but can you confirm that a new installment loan resets the AoYA for purposes of scorecard assignment?  If I have no new accounts in more than 12 months, and then I add an installment loan, is that going to knock me off the > 12 month scorecard?

[Revelate]

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@SouthJamaica wrote:

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@Revelate wrote:

Late reply but I can confirm under all versions of the FICO algorithm I ever paid attention to that there's no difference when it comes to AOYA between a revolving or an installment  loan.  This might not apply to the credit card specific algorithms but I never paid attention to those. 

Any new trade line resets.  Saw this both in my secured loan testing back in the day, but more recently where the only thing I've opened in the past several years have been mortgages when a new one reports: ding!

My most recent crossed over a year and popped up to 848 in EX FICO 8.... Soon(TM). 

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Yes but can you confirm that a new installment loan resets the AoYA for purposes of scorecard assignment?  If I have no new accounts in more than 12 months, and then I add an installment loan, is that going to knock me off the > 12 month scorecard?

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Yes.  It always has.

A tradeline is a tradeline.

[Patient957]

What about this thread?

It seems to indicate no point loss in Fico 8 for taking a new loan but a significant hit later for taking a new revolver. 

(Unfortunately I wasn't able to access the links in the OP to get the details.  Not sure if others have access or not.)

[MissLiz]

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@Patient957 wrote:

What about this thread?

It seems to indicate no point loss in Fico 8 for taking a new loan but a significant hit later for taking a new revolver. 

(Unfortunately I wasn't able to access the links in the OP to get the details.  Not sure if others have access or not.)

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That's encouraging for SJ! (I was also denied access when clicking the links.)

[SouthJamaica]

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Yes but can you confirm that a new installment loan resets the AoYA for purposes of scorecard assignment?  If I have no new accounts in more than 12 months, and then I add an installment loan, is that going to knock me off the > 12 month scorecard?

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Well we're about to find out the answer I guess. I was approved for the new SSL yesterday. It hasn't reported yet.

[HeavenOhio]

I recently added an installment loan for the first time since I started monitoring my credit. A couple scores tumbled, some stayed the same, and others increased dramatically.

My credit reports include six open cards and three closed cards, all opened in 2017 or earlier. I added an installment loan in May 2024.

The scores I pulled during that time will be in the following post. It appears that there are too many characters to fit both the message and the chart into the same post.

[HeavenOhio]

This wasn't easy. Here's the balance information for each date:

May 5 ($115 on AMEX card)

May 13 ($115 on AMEX card, $39,577 on loan)

June 18 ($7 on AMEX card, $49 on Cap1 card, $39,577 on loan)

July 10 ($7 on AMEX card, $25,874 on loan)

Note: $39,577 is the full loan amount

				May 5	May 13	Jun 18	Jul 10
Equifax 04 (FICO 5) Classic	810		802	809
Transunion 04 (FICO 4) Classic	812		804	811
Experian 98 (FICO 2) Classic	825	826	826	826
				
Equifax 04 (FICO 5) Auto	836		816	822
Transunion 04 (FICO 4) Auto	835		834	852
Experian 98 (FICO 2) Auto	807	818	818	818
				
Equifax 04 (FICO 5) Bankcard	819		809	816
Transunion 04 (FICO 4) Bankcard	847		839	846
Experian 98 (FICO 2) Bankcard	845	846	846	846
				
Experian 04 (FICO 3)		819	802	801	809
				
Equifax FICO 8 Classic		826		822	843
Transunion FICO 8 Classic	820		816	846
Experian FICO 8 Classic		818	818	818	842
				
Equifax FICO 8 Auto		796		811	840
Transunion FICO 8 Auto		827		829	873
Experian FICO 8 Auto		801	825	825	861
				
Equifax FICO 8 Bankcard	839		839	862
Transunion FICO 8 Bankcard	837		837	881
Experian FICO 8 Bankcard	838	840	840	868
				
Equifax FICO 9 Classic	837		818	830
Transunion FICO 9 Classic	825		815	828
Experian FICO 9 Classic	833	813	812	831
				
Equifax FICO 9 Auto		852		838	851
Transunion FICO 9 Auto		833		829	842
Experian FICO 9 Auto		847	831	830	849
				
Equifax FICO 9 Bankcard	847		828	841
Transunion FICO 9 Bankcard	837		824	837
Experian FICO 9 Bankcard	844	825	820	842
				
Equifax FICO 10 Classic	824		810	838
Transunion FICO 10 Classic	824		808	819
Experian FICO 10 Classic	828	825	825	840
				
Equifax FICO 10 T		825		819	845
Transunion FICO 10 T		826		811	823
Experian FICO 10 T		828	828	829	844
				
Equifax FICO 10 Auto		824		807	835
Transunion FICO 10 Auto		836		821	833
Experian FICO 10 Auto		814	807	807	824
				
Equifax FICO 10 Bankcard	834		821	848
Transunion FICO 10 Bankcard	840		825	835
Experian FICO 10 Bankcard	835	832	832	846 

[HeavenOhio]

Sorry about the mess above. That wasn't easy. Here's another try.

Equifax 04 (FICO 5) Classic		810		802	809
Transunion 04 (FICO 4) Classic		812		804	811
Experian 98 (FICO 2) Classic		825	826	826	826
				
Equifax 04 (FICO 5) Auto		836		816	822
Transunion 04 (FICO 4) Auto		835		834	852
Experian 98 (FICO 2) Auto		807	818	818	818
				
Equifax 04 (FICO 5) Bankcard		819		809	816
Transunion 04 (FICO 4) Bankcard		847		839	846
Experian 98 (FICO 2) Bankcard		845	846	846	846
				
Experian 04 (FICO 3)			819	802	801	809
				
Equifax FICO 8 Classic			826		822	843
Transunion FICO 8 Classic		820		816	846
Experian FICO 8 Classic			818	818	818	842
				
Equifax FICO 8 Auto			796		811	840
Transunion FICO 8 Auto			827		829	873
Experian FICO 8 Auto			801	825	825	861
				
Equifax FICO 8 Bankcard			839		839	862
Transunion FICO 8 Bankcard		837		837	881
Experian FICO 8 Bankcard		838	840	840	868
				
Equifax FICO 9 Classic			837		818	830
Transunion FICO 9 Classic		825		815	828
Experian FICO 9 Classic			833	813	812	831
				
Equifax FICO 9 Auto			852		838	851
Transunion FICO 9 Auto			833		829	842
Experian FICO 9 Auto			847	831	830	849
				
Equifax FICO 9 Bankcard			847		828	841
Transunion FICO 9 Bankcard		837		824	837
Experian FICO 9 Bankcard		844	825	820	842
				
Equifax FICO 10 Classic			824		810	838
Transunion FICO 10 Classic		824		808	819
Experian FICO 10 Classic		828	825	825	840
				
Equifax FICO 10 T			825		819	845
Transunion FICO 10 T			826		811	823
Experian FICO 10 T			828	828	829	844
				
Equifax FICO 10 Auto			824		807	835
Transunion FICO 10 Auto			836		821	833
Experian FICO 10 Auto			814	807	807	824
				
Equifax FICO 10 Bankcard		834		821	848
Transunion FICO 10 Bankcard		840		825	835
Experian FICO 10 Bankcard		835	832	832	846