Installment tradeline utilization thread

[Revelate]

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@SouthJamaica wrote:

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@Revelate wrote:

Third pretty OK on EQ/TU reported from Alliant since last payment on Jun 1st: Jun 31st (May OK), July 31st (June OK), August 31st (July OK)

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I was going to ask where you get the credit report images from. But I think I've figured out that they come from Credit Karma.

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Yeah, simple screen capture from the most brilliant CK report access feature.

[Anonymous]

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@Revelate wrote:

Third pretty OK on EQ/TU reported from Alliant since last payment on Jun 1st: Jun 31st (May OK), July 31st (June OK), August 31st (July OK)

Thanks for posting the OKs update!

[jamie123]

Time for an update...

At least for me, there doesn't appear to be a score bump at the 50% paid-off threshold. Both of my remaining balances are now below the 50% mark and my scores stayed steady and haven't moved.

Alliant: $236/$500 = 47% remaining balance

SDFCU: $232/$500 = 46% remaining balance

The photographic evidence:

And...

[Revelate]

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@jamie123 wrote:

Time for an update...

At least for me, there doesn't appear to be a score bump at the 50% paid-off threshold. Both of my remaining balances are now below the 50% mark and my scores stayed steady and haven't moved.

Alliant: $236/$500 = 47% remaining balance

SDFCU: $232/$500 = 46% remaining balance 

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Thanks Jamie!

Didn't think there would be TBH; how many more months pre-mortgage do you have?  We're still missing 40 / 30% breakpoints and don't have a full confirmation (other than my reverse engineering my score changes) at 20%... if you can pick one more up pre mortgage that'd be awesome if not just take the sure win at <10%.

[Thomas_Thumb]

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@jamie123 wrote:

Time for an update...

At least for me, there doesn't appear to be a score bump at the 50% paid-off threshold. Both of my remaining balances are now below the 50% mark and my scores stayed steady and haven't moved.

Alliant: $236/$500 = 47% remaining balance

SDFCU: $232/$500 = 46% remaining balance

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 Thanks Jamie - Data at just under 40% would be much appreciated. Sure hope there is a breakpoint at 40% balance for mortgage loans.

[jamie123]

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@Revelate wrote:

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@jamie123 wrote:

Time for an update...

At least for me, there doesn't appear to be a score bump at the 50% paid-off threshold. Both of my remaining balances are now below the 50% mark and my scores stayed steady and haven't moved.

Alliant: $236/$500 = 47% remaining balance

SDFCU: $232/$500 = 46% remaining balance 

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Thanks Jamie!

Didn't think there would be TBH; how many more months pre-mortgage do you have?  We're still missing 40 / 30% breakpoints and don't have a full confirmation (other than my reverse engineering my score changes) at 20%... if you can pick one more up pre mortgage that'd be awesome if not just take the sure win at <10%.

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Unfortunately it is taking me a lot longer than I thought it would take to have the State tax liens removed from my reports so the mortgage is still at least 3 months into the future.

I paid both installment loans down to $185 remaining balance or 37% so I will have another data point in October.

[JLK93]

My SDFCU installment loan was going to be paid off soon, so I took out a second installment loan with Alliant. I paid the Alliant loan down below 10%. With both loans reporting, there was no change in FICO scores. There doesn't seem to be any benefit to having a second loan below the 10% barrier, at least not for my profile.

This is such a long thread, I have lost track. What break points have been confirmed.

[Revelate]

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@oilcan12 wrote:

My SDFCU installment loan was going to be paid off soon, so I took out a second installment loan with Alliant. I paid the Alliant loan down below 10%. With both loans reporting, there was no change in FICO scores. There doesn't seem to be any benefit to having a second loan below the 10% barrier, at least not for my profile.

This is such a long thread, I have lost track. What break points have been confirmed.

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None fully and I need to probably create a FAQ.

Yeah, we saw another datapoint on the forum which effectively confirmed it is aggregate, and yours may suggest mix of credit is sufficient on one loan anyway.

We've had one report of a breakpoint at 80% though don't think there's been a secondary confirmation; and we're looking for a breakpoint in the 20-40% range now.  Silly reindeer game wise as you saw can just pay below 10% and be done, but would still like to figure out the others as it does have some impact on auto and possibly mortgage loans and stupid tricks too.

@Anonymous: ah yeah, sorry about the lien issue that blows, but doesn't look like rates are going to be markedly different for a while so getting clean is by far the best choice.

[Anonymous]

Revelate-it was recommended that I come post here with an installment loan question.  I am trying to squeeze as many points as possible for my mortgage.  The only open installment loan I have is my 1student loan at 44K.  I owe about 400-600 more than the original balance as I deferred it for two years.  Obviously getting it to 60% quickly is not happening this month!  Is there a penalty for being above original balance on a student loan installment?  Is there any point paying it to 99%, 95%, 90%? 

My credit file is 13 years, AAoA 9 years, previous closed installments, last late over 12 months, scores from credit bureaus showing around 690.  Have 3/5 cc reporting, but getting two to $0.  Hoping that bumps me to 700.  Would like to know how the student loan is affecting me though.  If it is worth paying down to x%, what would you guess the points would be?  I could take to 90%, but not probably worth paying that much for 3 points!  Thanks!

[Thomas_Thumb]

Being underwater on a loan balance relative to original loan amount is a red flag. You do want to show some positive progress toward repayment. Try bringing balance down to under 95% if you can. I have read there is potentially a breakpoint at 80% but don't know any details.

Revelate can provide you with better guidelines on breakpoints and payment balance/score impact.