@Patient957 wrote:There's no lasting harm in waiting to see. You can open an SSL quickly, and in my case Penfed reported it to all 3 CRAs within about 10 days. That said, there seems to be ample evidence that you can expect to lose 25-35 points when your only and low B/R installment loan closes.
In my case, I case I lost 28 points, but did get a nice attaboy alert for paying off the loan.
There also would appear to be ~20 points to gain when the youngest revolver turns 12 months old, which is not correlated with having an installment loan <12 months. There seems to be disagreement here as to whether this is associated with a score sheet reassignment or not, however.
Not exactly sure what you mean, but I haven't seen any "disagreement" as to whether the addition of a new instalment loan -- as opposed to the addition of a new revolving account -- causes score card reassignment. For there to be "disagreement" there would have to be at least two forum members, one saying it would, and one saying it wouldn't. So far not a single person has come forward with experience on this issue either way.
The question remains. Does AoYA include instalment accounts or not, for scoring purposes?
The "primer" was not based on any person's actual experience. It was based on the authors' unverified assessment of "common wisdom". However they couldn't point to any source for their assessment.
@Thomas_Thumb didn't say one way or the other and did not claim to have any experience with it. He merely opined that the benefit of avoiding the no-open-loan penalty would likely outweigh any negative effect resulting from a scorecard reassignment.
@Patient957 wrote:
The question remains. Does AoYA include instalment accounts or not, for scoring purposes?
There's clearly more than one variable involved here, with AoYRA being highly consequential for scoring purposes, potentially worth about 20 points.
I think we can learn more with the results of your experiment. FWIW, I think you're doing the right thing, as losing 30 points for no open installment loan seems like a bad outcome.
Sure that would be a bad outcome. But I don't know if there will also be a bad outcome from adding a new instalment account, in my position.
@Patient957 wrote:
@SouthJamaica wrote:
@Thomas_Thumb didn't say one way or the other and did not claim to have any experience with it. He merely opined that the benefit of avoiding the no-open-loan penalty would likely outweigh any negative effect resulting from a scorecard reassignment.
Yes, I think he did:
@Thomas_Thumb wrote:My take is Fico considers recency of installment and revolving accounts when assigning scorecards.
Speaking only for myself, I interpret this statement by @Thomas_Thumb to be contradictory to the assertion in the primer that AoYRA is a segmentation factor and AoYA is a scoring factor.
Am I missing something here? Is there some nuance I'm not getting?
The assertion in the so called "primer" is pure, unadulterated, unsupported guesswork by its authors, as is much of the "primer".
Mr. Thumb, on the other hand, is not asserting anything; he is giving his general impression, which -- as you have observed -- does not square with the assertion by the "primer" authors.
In any event, hopefully, my experiment will tell us, one way or the other, whether instalment accounts are counted in AoYA... unless there's some way I can get out of going ahead with it 
See, I've tested instalment loans many times, and can predict almost exactly how much it will cost when I toggle between the no-open-loan profile and the profile with one mostly-paid-down loan. But historically I've always had an overabundance of new revolving accounts. This will be the first time where I'm on the no-new-accounts scoreboard before I do it.
@SouthJamaica wrote:
Mr. Thumb, on the other hand, is not asserting anything; he is giving his general impression, which -- as you have observed -- does not square with the assertion by the "primer" authors.
Right, I'm glad were on the same page.
In any event, hopefully, my experiment will tell us, one way or the other, whether instalment accounts are counted in AoYA... unless there's some way I can get out of going ahead with it
Godspeed in your fearless efforts!
@Patient957 wrote:
@SouthJamaica wrote:
Mr. Thumb, on the other hand, is not asserting anything; he is giving his general impression, which -- as you have observed -- does not square with the assertion by the "primer" authors.
Right, I'm glad were on the same page.
In any event, hopefully, my experiment will tell us, one way or the other, whether instalment accounts are counted in AoYA... unless there's some way I can get out of going ahead with it
Godspeed in your fearless efforts!
Thanks but I'm plenty fearful.
