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How low will it go?????

Anonymous
Not applicable

Re: How low will it go?????


@KatSoDak wrote:


I know this is accepted fact, but if closed accounts count why is number one reason code on both EX and EQ "Lack of recent installment loan information"?


That negative reason statement isn't pointing to credit mix, it's pointing to the Amounts Owed sector of the Fico pie.

Message 11 of 33
Anonymous
Not applicable

Re: How low will it go?????


@sarge12 wrote:


In either case, I look forward to being debt free for the first time since I first went into debt, and it only took 47 years to do it.


Absolutely!  Finances over Fico, 99 times out of 100.

Message 12 of 33
KatSoDak
Frequent Contributor

Re: How low will it go?????


@Anonymous wrote:

@KatSoDak wrote:


I know this is accepted fact, but if closed accounts count why is number one reason code on both EX and EQ "Lack of recent installment loan information"?


That negative reason statement isn't pointing to credit mix, it's pointing to the Amounts Owed sector of the Fico pie.


So this is to Loans what All Zero is to revolving credit?

FICO 8:

EQ FICO 9 - 770
EX FICO 9 - 758

Citi (2) | Discover | HSBC | BOA | NFCU (2) | WF (2) | Simmons Bank | FNBO (2) | PENFED | BBVA | US Bank | Lowes | Care Credit | Home Depot AU
Message 13 of 33
Horseshoez
Valued Contributor

Re: How low will it go?????


@sarge12 wrote:


In either case, I look forward to being debt free for the first time since I first went into debt, and it only took 47 years to do it.


I understand completly; you are to be commended and congratulated!  I ended up debt free this time last year, first time since 1980; of course your method is far more honorable than mine (former business partner ran up huge debt in my name and I needed to declare Chapter 13 as a result).

I categorically refuse to do AZEO!
Message 14 of 33
Anonymous
Not applicable

Re: How low will it go?????


@KatSoDak wrote:


So this is to Loans what All Zero is to revolving credit?


Yes you are correct.  That code is reported quite often when someone closes out their only open installment loan and realizes a 20-25 point drop from doing so.

Message 15 of 33
sarge12
Senior Contributor

Re: How low will it go?????


@Horseshoez wrote:

@sarge12 wrote:


In either case, I look forward to being debt free for the first time since I first went into debt, and it only took 47 years to do it.


I understand completly; you are to be commended and congratulated!  I ended up debt free this time last year, first time since 1980; of course your method is far more honorable than mine (former business partner ran up huge debt in my name and I needed to declare Chapter 13 as a result).


I, when I was younger filed both a chapter 13 and a chapter 7. Neither resulted in me being debt free completely. The chapter 13 paid everything off 100% but I went into debt for a car in the final months of repayment plan. I kept my house, and it's mortgage when filing chapter 7. So neither event left me 100% debt free. I fail to see how declaring chapter 13 was dis-honorable. Filing BK would be dis-honorable if you had planned to do so when taking on debt. Otherwise, it might be bad decisions, or just life throwing a curve ball, but filing is not dis-honorable. Lenders would love for you to believe that, even though lenders file chapter 7 or 11 as well. I have no shame for filing, I have shame for the stupid things I did to leave me no choice but to file.

TU fico08=844 09/16/21
EX fico08=833 09/16/21
EQ fico09=829 09/16/21
EX fico09=823 09/16/21
EQ fico bankcard08=864 09/16/21
TU Fico Bankcard 08=879 09/16/21
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 16 of 33
Horseshoez
Valued Contributor

Re: How low will it go?????

@sarge12, I have some guilt; had I been more on top of what my former business partner was doing, things wouldn't have gotten so out of control.  The fact we'd been business partners for 30 years and I trusted him implicitly certainly played into my lack of oversight, even still, I do bear some of the blame.  Now, if all of that money had been spent wining and dining on a beach in Maui or some such, then I'd feel some industrial strength guilt.  Smiley Embarassed

 

As things stand now, I can live with it, but my days of entrepreneurship, especially if it is a partnership, are probably over.  The good news here is A) I figure I only need to work another 8 years, into my early 70s, to afford a comfortable retirement, and B) while in my Chapter 13 I ended up leaving what had been a stable career (in a mature industry) of nearly 40 years behind and moving into the very new/hot/up and coming field of Conversational AI, and even though ageism exists in the hiring world, and even though I'm in my mid-60s, apparently I've become a pretty hot commodity as I'm turning down requests for interviews on an almost daily basis.  Go figure.

I categorically refuse to do AZEO!
Message 17 of 33
sarge12
Senior Contributor

Re: How low will it go?????


@Horseshoez wrote:

@sarge12, I have some guilt; had I been more on top of what my former business partner was doing, things wouldn't have gotten so out of control.  The fact we'd been business partners for 30 years and I trusted him implicitly certainly played into my lack of oversight, even still, I do bear some of the blame.  Now, if all of that money had been spent wining and dining on a beach in Maui or some such, then I'd feel some industrial strength guilt.  Smiley Embarassed

 

As things stand now, I can live with it, but my days of entrepreneurship, especially if it is a partnership, are probably over.  The good news here is A) I figure I only need to work another 8 years, into my early 70s, to afford a comfortable retirement, and B) while in my Chapter 13 I ended up leaving what had been a stable career (in a mature industry) of nearly 40 years behind and moving into the very new/hot/up and coming field of Conversational AI, and even though ageism exists in the hiring world, and even though I'm in my mid-60s, apparently I've become a pretty hot commodity as I'm turning down requests for interviews on an almost daily basis.  Go figure.


I think you need to cut yourself a break, we have all trusted those that in hindsight we should not have. I once hit, and killed a drunk pedestrian in the highway, but it was not my fault. In hindsight, had I left work earlier, it would not have happened. Hindsight always provides answers that were unclear at that time. You trusted him because at that time he had done nothing to cause a lack of trust. Stop feeling guilt for what you can't change. Learn from it, but stop feeling guilt for not taking steps most would not take. When driving on rainy nights now, I am more aware of what parts of a road I can't see. Could that prevent another such tragedy...maybe. It still does not make me responsible for some drunken pedestrians actions that night.

TU fico08=844 09/16/21
EX fico08=833 09/16/21
EQ fico09=829 09/16/21
EX fico09=823 09/16/21
EQ fico bankcard08=864 09/16/21
TU Fico Bankcard 08=879 09/16/21
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 18 of 33
sarge12
Senior Contributor

Re: How low will it go?????

Just an update for anyone following my postings here, or anywhere on this forum....many changes the last 3 months. My 93yo Mother fell and cracked her hip, and after 3 weeks in the hospital and restorative care we had to move her in with my sister. It was not broken completely in two, so she can still walk with a walker, but we must watch her to prevent further falls. My 2003 Impala was not sufficient for constant drives to my sisters house, so I paid off my house and financed a 2022 Camry LE. I also took a 200 buck bribe to PC one of my 2 Bank of America  Cash reward cards to the Unlimited Cash rewards with 1.5% cash back. I also have a paypal credit card coming with 2% cash back. This is my first ever card with Synchrony, but it is a mastercard, so I figured...why not? The car loan was at 1.99%, and I could have paid cash for it, but the taxes from withdrawing over 30K from my 401K would be more than the interest on the loan. All these changes have yet to show up on my credit scores yet, so I will not update my scores for a while. I am expecting a fairly significant drop in all my scores, especially when the mortgage shows as being paid off. My free time has been drasticly reduced, which is why I have not posted in a while. My Mother also has dementia, so I have to handle her finances, with her money. I hope 2022 is a much better year.

TU fico08=844 09/16/21
EX fico08=833 09/16/21
EQ fico09=829 09/16/21
EX fico09=823 09/16/21
EQ fico bankcard08=864 09/16/21
TU Fico Bankcard 08=879 09/16/21
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 19 of 33
disdreamin
Valued Contributor

Re: How low will it go?????


@sarge12 wrote:

Just an update for anyone following my postings here, or anywhere on this forum....many changes the last 3 months. My 93yo Mother fell and cracked her hip, and after 3 weeks in the hospital and restorative care we had to move her in with my sister. It was not broken completely in two, so she can still walk with a walker, but we must watch her to prevent further falls. My 2003 Impala was not sufficient for constant drives to my sisters house, so I paid off my house and financed a 2022 Camry LE. I also took a 200 buck bribe to PC one of my 2 Bank of America  Cash reward cards to the Unlimited Cash rewards with 1.5% cash back. I also have a paypal credit card coming with 2% cash back. This is my first ever card with Synchrony, but it is a mastercard, so I figured...why not? The car loan was at 1.99%, and I could have paid cash for it, but the taxes from withdrawing over 30K from my 401K would be more than the interest on the loan. All these changes have yet to show up on my credit scores yet, so I will not update my scores for a while. I am expecting a fairly significant drop in all my scores, especially when the mortgage shows as being paid off. My free time has been drasticly reduced, which is why I have not posted in a while. My Mother also has dementia, so I have to handle her finances, with her money. I hope 2022 is a much better year.


Yikes, so many changes. The credit score game is fun, but it isn't always important in the grand scheme of things. Let's hope 2022 is far easier on you and your family. 

Message 20 of 33
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