Experian keeps reporting my Alliant share secured loan wrong, it seems. I took out a $500 loan, paid it down to $77, and Experian is listing as a negative score factor that "The remaining balance on your mortgage or non-mortgage installment loans is too high."
I guess I was supposed to first let it report at $500 for one cycle before paying it down. Strange that EQ and TU both get it right, that it's a $500 loan with a 15.4% balance, but EX can't get it right.
Curses. My AAoA is too weak for me to pay off the loan and try again, so I guess I'm stuck with a bad Experian score for a couple of years now.
@SouthJamaica wrote:Experian keeps reporting my Alliant share secured loan wrong, it seems. I took out a $500 loan, paid it down to $77, and Experian is listing as a negative score factor that "The remaining balance on your mortgage or non-mortgage installment loans is too high."
I guess I was supposed to first let it report at $500 for one cycle before paying it down. Strange that EQ and TU both get it right, that it's a $500 loan with a 15.4% balance, but EX can't get it right.
Curses. My AAoA is too weak for me to pay off the loan and try again, so I guess I'm stuck with a bad Experian score for a couple of years now.
Can you post the full tradeline details?
Secondly, why not kick 30 bucks to it and see if the reason code goes away?
Lastly, what's the position on that reason code?
@Revelate wrote:
@SouthJamaica wrote:Experian keeps reporting my Alliant share secured loan wrong, it seems. I took out a $500 loan, paid it down to $77, and Experian is listing as a negative score factor that "The remaining balance on your mortgage or non-mortgage installment loans is too high."
I guess I was supposed to first let it report at $500 for one cycle before paying it down. Strange that EQ and TU both get it right, that it's a $500 loan with a 15.4% balance, but EX can't get it right.
Curses. My AAoA is too weak for me to pay off the loan and try again, so I guess I'm stuck with a bad Experian score for a couple of years now.
Can you post the full tradeline details?
Secondly, why not kick 30 bucks to it and see if the reason code goes away?
Lastly, what's the position on that reason code?
My only instalment loans were 2 prior $500 share secured loans which are closed.
I closed the last one because Experian was scoring it incorrectly.
Last month Experian was depressing my score for "no recent installment loan activity".
So last month I took out a 3rd share secured loan for $500 over 48 months.
I immediately paid it down to $77.
Today it reports for the first time and shows up on Experian; Experian is now depressing my score
because: "The remaining balance on your mortgage or non-mortgage installment loans is too high."
Not sure what you mean by "reason code" but if you mean its position on the page, it's second under
the "hurting your score" heading on Experian.com
Haven't gotten TU or EQ yet; they will probably get it right, since they did the last time around.
@SouthJamaica wrote:
@Revelate wrote:
@SouthJamaica wrote:Experian keeps reporting my Alliant share secured loan wrong, it seems. I took out a $500 loan, paid it down to $77, and Experian is listing as a negative score factor that "The remaining balance on your mortgage or non-mortgage installment loans is too high."
I guess I was supposed to first let it report at $500 for one cycle before paying it down. Strange that EQ and TU both get it right, that it's a $500 loan with a 15.4% balance, but EX can't get it right.
Curses. My AAoA is too weak for me to pay off the loan and try again, so I guess I'm stuck with a bad Experian score for a couple of years now.
Can you post the full tradeline details?
Secondly, why not kick 30 bucks to it and see if the reason code goes away?
Lastly, what's the position on that reason code?
My only instalment loans were 2 prior $500 share secured loans which are closed.
I closed the last one because Experian was scoring it incorrectly.
Last month Experian was depressing my score for "no recent installment loan activity".
So last month I took out a 3rd share secured loan for $500 over 48 months.
I immediately paid it down to $77.
Today it reports for the first time and shows up on Experian; Experian is now depressing my score
because: "The remaining balance on your mortgage or non-mortgage installment loans is too high."
Not sure what you mean by "reason code" but if you mean its position on the page, it's second under
the "hurting your score" heading on Experian.com
Haven't gotten TU or EQ yet; they will probably get it right, since they did the last time around.
That's what I meant by reason code, there's a numerical designation for it but the human readable friendly name is "The remaining balance on your mortgage or non-mortgage installment loans is too high."
If you don't mind testing, let it report on EQ/TU and see if you have that reason code or not. Then kick $30 to the loan, and see if the EX one goes away; it's simply entirely possible that there's different breakpoints, or maybe that the breakpoint is 10% across the board. Don't know, I haven't read through all the recent data but I just went straight to 9% on mine when I first found this, and I left before people searching for the breakpoints got to 20%.
Like before I need to go an coalesce all of this in the first post but I've been admittedly lazy (and gone from the forums).
Also, albeit it's probably somewhere, what was the time between closing your own loans (which don't sound like they were reporting as installment on EX) and opening this new one passed or was the new one on the report before the old ones were off? If it was the first case though, what'd your EX score do in the meantime?
@Thomas_Thumb wrote:
@SouthJamaica wrote:Experian keeps reporting my Alliant share secured loan wrong, it seems. I took out a $500 loan, paid it down to $77, and Experian is listing as a negative score factor that "The remaining balance on your mortgage or non-mortgage installment loans is too high."
I guess I was supposed to first let it report at $500 for one cycle before paying it down. Strange that EQ and TU both get it right, that it's a $500 loan with a 15.4% balance, but EX can't get it right.
Curses. My AAoA is too weak for me to pay off the loan and try again, so I guess I'm stuck with a bad Experian score for a couple of years now.
Last time you reported that Experian was listing your $500 loan as a $100 loan. Thus, the $77 balance would compute as 77%. The other 2 CRAs gave you full points for the loan and did not show a reason statement regarding high loan balance (those loans compute to 15.4% balance)
Did this happen to you again?
Note 1: Based on the above (for EQ & TU) it sure looks like under 20% is sufficient..
Note 2: If you are keeping the loan, consider stepping down the balance from $77 to $38 (under 40%) then $28 (under 30%) and then $18 (under 20%). Stop once the reason code/statement goes away and then string out the loan. [wait until you get those Fico 9 scores end of March to see what is listed for EX]
Note 3: At 40% remaining balance and above on mortgage I get the high balance to loan reason when/if my Fico 4 score drops below 800. So, it looks like somewhere between 20% and 40% remaining can trigger the reason code.
Did you mean FICO 8 / 98? There was no installment utilization found in FICO 04 from all of my testing, seemed like FICO skipped that altogether. Didn't move throughout all my history including the mortgage landing at 100%
@Thomas_Thumb wrote:
@SouthJamaica wrote:Experian keeps reporting my Alliant share secured loan wrong, it seems. I took out a $500 loan, paid it down to $77, and Experian is listing as a negative score factor that "The remaining balance on your mortgage or non-mortgage installment loans is too high."
I guess I was supposed to first let it report at $500 for one cycle before paying it down. Strange that EQ and TU both get it right, that it's a $500 loan with a 15.4% balance, but EX can't get it right.
Curses. My AAoA is too weak for me to pay off the loan and try again, so I guess I'm stuck with a bad Experian score for a couple of years now.
Last time you reported that Experian was listing your $500 loan as a $100 loan. Thus, the $77 balance would compute as 77%. The other 2 CRAs gave you full points for the loan and did not show a reason statement regarding high loan balance (those loans compute to 15.4% balance)
Did this happen to you again?
Note 1: Based on the above (for EQ & TU) it sure looks like under 20% is sufficient..
Note 2: If you are keeping the loan, consider stepping down the balance from $77 to $38 (under 40%) then $28 (under 30%) and then $18 (under 20%). Stop once the reason code/statement goes away and then string out the loan. [wait until you get those Fico 9 scores end of March to see what is listed for EX]
Note 3: At 40% remaining balance and above on mortgage I get the high balance to loan reason when/if my Fico 4 score drops below 800. So, it looks like somewhere between 20% and 40% remaining can trigger the reason code.
No, the details show that it's a $500 loan. So for some reason they're considering 15.4% too high 
@manyquestions wrote:
@SouthJamaica wrote:Experian keeps reporting my Alliant share secured loan wrong, it seems. I took out a $500 loan, paid it down to $77, and Experian is listing as a negative score factor that "The remaining balance on your mortgage or non-mortgage installment loans is too high."
I guess I was supposed to first let it report at $500 for one cycle before paying it down. Strange that EQ and TU both get it right, that it's a $500 loan with a 15.4% balance, but EX can't get it right.
Curses. My AAoA is too weak for me to pay off the loan and try again, so I guess I'm stuck with a bad Experian score for a couple of years now.
It looks like everything is correct and you are fine. That message went away for me when the loan reported paid down to 9%. So pay $32 and you should get what you want.
You can easily verify if the Alliant loan is reporting correctly by looking at your Experian credit report. From what you have described above you should see the following:
Credit Limit/Original Amount:
$500High Balance:
NA
Recent Balance:
$77
Yes it does appear to be reporting correctly as a $500 loan with a balance of $77. So I guess 15.4% is too high for them. I'll follow your advice and pay it down to 9% and see what happens a month from now