Congrats on the increase. 80-78 is a strange % and not the usual suspect that one of the thresholds spoke about on the boards is passed. Like going below 89 then 69. Maybe something aged over 6 months, a year, ect. AAoA passed a year. Either way is an uptick in your scores!
@Anonymous wrote:I know that there are multiple threads on whether or not there is a score jump when personal loan debt drops below a certain %.
I understand from everyone's experiences that there does not seem to be an across-the-board scoring algorithym and it may differ from person to person. However, I wanted to share my experience.
My EX Fico 8 scores have jumped by between 8 and 11 points, when my BestEgg personal loan reported my recent payment which took me to 78% (I had been at 80% last month).
EX Fico 8 = 8 point increase
EX Fico 8 Auto = 11 point increase
EX Fico 8 Bankcard = 9 point increase
I have the Experian Premium service and I check my scores daily, if not multiple times per day. I meticulously write down any and all changes to ensure that I can be sure what has caused score changes. There has been quite a bit of action on my accounts of late, with me hitting various thresholds, however, I was able to identify the score changes for all of those other thresholds.
This score increase is definitely caused by going under 80% on the personal loan.
There was no change to my EX Fico 2 and EX Fico 3 scores.
I will need to wait a few days until I get my 3 bureau report to see if there were any increases in EQ and TU. I'll update when I get that data.
Obviously I am delighted by the score jump! That means I'm now above 740 on all my EX Fico 8 scores and above 760 on 2 of them.
Very nice.
Thank you for the data point.
It confirms my view that the mortgage scores (in this case your EX FICO 2) are more or less indifferent to this stat which can have serious impact on FICO 8 scores.
