How much is my loan going to hurt?

[Anonymous]

The simulated said it would be 40 point drop . But was off 13 points and it said Experian and TU zero drop but Experian dropped 3 and TU not reporting yet

[Anonymous]

And to recap, aside from the new loan, you have no installment accounts on your reports, open or closed, of any kind, right?  Mortgage, student loan, personal loan, auto loan, consumer financing accounts, etc?

If so, I wonder whether Sarge may be onto something -- that the problem is the loan being brand new with not even a dollar of it paid off.  And that until you have made a few payments AND made some dent in it (e.g. a balance < 97% of the originial amount?) then the big initial scoring penalty will still be there.

It does sound like from how you described it that a huge amount of stuff is going on in your profile very recently, so it may be difficult to distingusih what's causing what.  Have your CC's been consistently reporting very low balances for the last two months?

I am surprised that EX FICO 8 is treating the new loan in a wildly different way from EQ FICO 8..  Strange.

[Anonymous]

I have no other installment loans. Zero. As far as alot of things going on in a short time. Last October I decided to do something about my 511 scores. I instantly got 3 CC. And they been perfect since then. With just one card showing around 10 dollars balance each month. As a reminder my EQ file is clean. My Experian file has two collections left as does my TU. Same collections. One medical and one from a utility company from 2011. Would like to see that drop soon. But in between last October and now. I paid off 4 collections with delete and disputed 1 judgement and 5 other collections deleted thru dispute. Now my first installment loan to put mixture into my credit file as per FICO likes to see variety. So yes my credit files have seen tons of changes. Also this week my discover card should show a 1000 CLI.which I'm hopeful it will help with some points. But it is strange. My higher FICO score is the one that's taking the punishment for this loan. Which is equafax. I'm definitely upset with such a big drop tho

[Anonymous]

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@Anonymous wrote:
Now my first installment loan to put mixture into my credit file as per FICO likes to see variety.

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Are you saying that the primary reason you took out this $7500 personal loan is to improve your FICO score?  Or was that more of a secondary benefit you hoped for, with the primary reason being that you needed the money?

If you don't need the money, there's a much better and cheaper way to get the scoring benefit of a loan that is much more certain to work.

[Anonymous]

Oh I did need the money to move my mom out by me in Hawaii. But I thought it was fortunate also that I needed credit mixture per FICO. So I thought I was killing two birds with one stone. But seems like I killed two credit scores instead maybe 3 depending what happens with TU. But I'm guessing TU will have a small effect like Experian.

[Anonymous]

Update. The loan finally hit my TU score. Final results on the loan affects. Equafax minus 52 points. Experian minus 3 points. TU up 3 points. Just can't figure out how these scores work