Installment loan a score helper?

[vanillabean]

My installment loan was opened six months ago lowering my EQ score by 11 points at the time it reported. Earlier today I pulled an EQ FICO report, which reveals an increase of 6 points compared to my most recent previous score.

I think it makes sense. There's the credit mix factor. It was an EX inquiry only, so nothing there for EQ. As new credit, the six months have passed. My AAoA wasn't really lowered, as it was the same rounded down before and after. The only thing left may be the balance of the loan.

Would you agree in this assessment?

I have a bonus question, for MarineVietVet in particular in view of his proven expertise in this area, but anyone's feedback is appreciated of course. Given my former EQ 814 and my swift paying off current credit card balances except one as well as the aging of the installment loan and other accounts, might I one day hit 820, do you think?

[MarineVietVet]

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@Anonymous-own-fico wrote:

My installment loan was opened six months ago lowering my EQ score by 11 points at the time it reported. Earlier today I pulled an EQ FICO report, which reveals an increase of 6 points compared to my most recent previous score.

I think it makes sense. There's the credit mix factor. It was an EX inquiry only, so nothing there for EQ. As new credit, the six months have passed. My AAoA wasn't really lowered, as it was the same rounded down before and after. The only thing left may be the balance of the loan.

Would you agree in this assessment?

I have a bonus question, for MarineVietVet in particular in view of his proven expertise in this area, but anyone's feedback is appreciated of course. Given my former EQ 814 and my swift paying off current credit card balances except one as well as the aging of the installment loan and other accounts, might I one day hit 820, do you think?

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Man do I have you fooled!! 

Judging by your scores you seem to have figured much of this scoring puzzle out already. Anyway I see no reason why you can't get that 6 points with just some additional aging.

There you have read the full extent of my expertise!!!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[jello77]

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my-own-fico wrote:

Given my former EQ 814 .......  might I one day hit 820, do you think?

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You might want to look at a message I posted here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

Sorry to disappoint you, but your dream of reaching EQ 820 just ain't gonna happen.

In my post, I explain that the maximum possible EQ score is 818 (at least, the version available from MyFICO).

But the bright side is that you have already come within 4 points of the maximum, something to be very proud of.