Now I've gone and done it, gotten a 60-month auto loan.
Will I be able to use this to my advantage, like the "reindeer game" share secured loan?
Or will I just be pegged for having a new loan, with a high balance, no matter how fast I pay it off?
@SouthJamaica wrote:Now I've gone and done it, gotten a 60-month auto loan.
Will I be able to use this to my advantage, like the "reindeer game" share secured loan?
Or will I just be pegged for having a new loan, with a high balance, no matter how fast I pay it off?
It's just an installment loan. Works the same way FICO-wise as any other installment loan.
@Revelate wrote:
@SouthJamaica wrote:Now I've gone and done it, gotten a 60-month auto loan.
Will I be able to use this to my advantage, like the "reindeer game" share secured loan?
Or will I just be pegged for having a new loan, with a high balance, no matter how fast I pay it off?
It's just an installment loan. Works the same way FICO-wise as any other installment loan.
So the way Alliant share secured loans report is the same way this will report?
@SouthJamaica wrote:
@Revelate wrote:
@SouthJamaica wrote:Now I've gone and done it, gotten a 60-month auto loan.
Will I be able to use this to my advantage, like the "reindeer game" share secured loan?
Or will I just be pegged for having a new loan, with a high balance, no matter how fast I pay it off?
It's just an installment loan. Works the same way FICO-wise as any other installment loan.
So the way Alliant share secured loans report is the same way this will report?
Yup, just with a different sized original balance.
@Revelate wrote:
@SouthJamaica wrote:
@Revelate wrote:
@SouthJamaica wrote:Now I've gone and done it, gotten a 60-month auto loan.
Will I be able to use this to my advantage, like the "reindeer game" share secured loan?
Or will I just be pegged for having a new loan, with a high balance, no matter how fast I pay it off?
It's just an installment loan. Works the same way FICO-wise as any other installment loan.
So the way Alliant share secured loans report is the same way this will report?
Yup, just with a different sized original balance.
Yay! Now I can have fun crossing different thresholds. And it's a 60-month loan, so once I find the sweet spot I can take my sweet time paying off the remainder 
Just remember it's aggregate so the Alliant loan factors too if it's still open. That'll skew your numbers a little if you don't account for it.
We already know the one sweet spot at 9% but given the higher number still isn't well characterized, yeah would be of interest.
@Revelate wrote:Just remember it's aggregate so the Alliant loan factors too if it's still open. That'll skew your numbers a little if you don't account for it.
We already know the one sweet spot at 9% but given the higher number still isn't well characterized, yeah would be of interest.
So if there are 2 open instalment loans, there are no individual thresholds, the thresholds are across the 2 of them?
@SouthJamaica wrote:
@Revelate wrote:Just remember it's aggregate so the Alliant loan factors too if it's still open. That'll skew your numbers a little if you don't account for it.
We already know the one sweet spot at 9% but given the higher number still isn't well characterized, yeah would be of interest.
So if there are 2 open instalment loans, there are no individual thresholds, the thresholds are across the 2 of them?
Correct. Tested that with my own two open loans at the time we were doing the inititial research.
@Revelate wrote:
@SouthJamaica wrote:
@Revelate wrote:Just remember it's aggregate so the Alliant loan factors too if it's still open. That'll skew your numbers a little if you don't account for it.
We already know the one sweet spot at 9% but given the higher number still isn't well characterized, yeah would be of interest.
So if there are 2 open instalment loans, there are no individual thresholds, the thresholds are across the 2 of them?
Correct. Tested that with my own two open loans at the time we were doing the inititial research.
Good to know. So that's the number I will look at.
According to the MyFICO simulator, my FICO 8 scores are going to drop 30 to 35 points when the auto loan reports.