@SouthJamaica wrote:Update: Crossing from 15% to 9% on my share secured loan resulted in (a) a 25 point pop on my TU FICO 8, and (b) the previously mentioned 28 point pop on my EX FICO 8 and 39 point pop on my EX FICO 9
Update 4/8/16, 7:32 AM
EQ FICO 8 increased 33 points 
Went back through my reports to calculate the effect of my share secured loan on my FICO Auto 8 scores.
At the time I had no open installment debt, 2 closed share secured loans, and no other installment history showing.
Took out share secured loan & paid down to 15% before it reported:
EQ -4 TU +-0 EX -7
Paid down to 9%:
EQ +23 TU +22 EX +28
Net gains of 19, 22, and 21 points respectively for taking out a small share secured loan and paying it down to 9%.
@SouthJamaica wrote:Went back through my reports to calculate the effect of my share secured loan on my FICO Auto 8 scores.
At the time I had no open installment debt, 2 closed share secured loans, and no other installment history showing.
Took out share secured loan & paid down to 15% before it reported:
EQ -4 TU +-0 EX -7
Paid down to 9%:
EQ +23 TU +22 EX +28
Net gains of 19, 22, and 21 points respectively for taking out a small share secured loan and paying it down to 9%.
Nice progress with those scores SJ
This CU is also very efficient with offers on any number of other financial products with competitive rates as you already know.
It demands some serious expanding of doing other business with them as i see it.
Totally amazed at the great interest rates across all of various products too.
@CreditMagic7 wrote:
@SouthJamaica wrote:Went back through my reports to calculate the effect of my share secured loan on my FICO Auto 8 scores.
At the time I had no open installment debt, 2 closed share secured loans, and no other installment history showing.
Took out share secured loan & paid down to 15% before it reported:
EQ -4 TU +-0 EX -7
Paid down to 9%:
EQ +23 TU +22 EX +28
Net gains of 19, 22, and 21 points respectively for taking out a small share secured loan and paying it down to 9%.
Nice progress with those scores SJ
This CU is also very efficient with offers on any number of other financial products with competitive rates as you already know.
It demands some serious expanding of doing other business with them as i see it.
Totally amazed at the great interest rates across all of various products too.
Thanks CM. Yes they seem to be a good outfit. I took out a credit card with them.
@SouthJamaica wrote:Went back through my reports to calculate the effect of my share secured loan on my FICO Auto 8 scores.
At the time I had no open installment debt, 2 closed share secured loans, and no other installment history showing.
Took out share secured loan & paid down to 15% before it reported:
EQ -4 TU +-0 EX -7
Paid down to 9%:
EQ +23 TU +22 EX +28
Net gains of 19, 22, and 21 points respectively for taking out a small share secured loan and paying it down to 9%.
Huh, if you got the FICO 8 AU scores can you dig out the earlier auto enhanced versions as well?
There's been a massive amount of anecodtal evidence suggesting there's a "first time buyer" penalty on auto loans, but I haven't seen any concrete data, and it'd be interesting to see if the secured loan and an auto loan count similarly. You bought a car recently, do you have a snapshot of the AU scores post car buying? I'd be VERY interested to see the explicit movement and see if you gained or lost the same amount there.
No difference between mortgage and auto and secured loan on classic scores, I'd love to see if we could tease out impact on the auto enhanced scores.
@Revelate wrote:
@SouthJamaica wrote:Went back through my reports to calculate the effect of my share secured loan on my FICO Auto 8 scores.
At the time I had no open installment debt, 2 closed share secured loans, and no other installment history showing.
Took out share secured loan & paid down to 15% before it reported:
EQ -4 TU +-0 EX -7
Paid down to 9%:
EQ +23 TU +22 EX +28
Net gains of 19, 22, and 21 points respectively for taking out a small share secured loan and paying it down to 9%.
Huh, if you got the FICO 8 AU scores can you dig out the earlier auto enhanced versions as well?
Boy you're a tough taskmaster.
*Share secured loan reporting at 15%:
EQ Auto5 -13 TU Auto4 +-0 EX Auto2 -9
*Share secured loan dropping to 9%:
EQ Auto5 -2 TU Auto4 +-0 EX Auto2 +10
There's been a massive amount of anecodtal evidence suggesting there's a "first time buyer" penalty on auto loans, but I haven't seen any concrete data, and it'd be interesting to see if the secured loan and an auto loan count similarly. You bought a car recently, do you have a snapshot of the AU scores post car buying? I'd be VERY interested to see the explicit movement and see if you gained or lost the same amount there.
As to the auto loan impact, I've already given you the FICO Auto8 numbers from my car loan hitting at 87.7% in this table:
FICO8 EQ 691 -30 TU 768 -41 EX 703 -20
FICO9 EQ 742 -49 TU 796 -33 EX 728 -47
FICO Auto 8 EQ 698 -19 TU 794 -30 EX 700 -16
FICO Bankcard 8 EQ 701 -20 TU 800 -40 EX 717 -25
Mortgage FICO5 EQ 697 +2 FICO4 TU 746 -2 FICO2 EX 690 -13
The older auto models were impacted as follows:
EQ Auto5 -3 TU Auto4 -11 EX Auto2 -10
PS I'm not doing this again, it's too much work.
No difference between mortgage and auto and secured loan on classic scores, I'd love to see if we could tease out impact on the auto enhanced scores.
I don't have any auto loans on my reports. My data points for secured installment loans suggest that Classic, Auto and Bankcard scores are all affected equally by non auto installment loans. There doesn't seem to be any extra benefit to the Auto Enhanced scores.
When my first installment loan was paid below 10% there was only a negligible difference (2 points) between the score increase for Auto and Bankcard Enhanced scores.
I conducted an experiment to determine the effect of aged installment loans on Fico 04. I had a closed installment loan removed from my Transunion report. TU Classic dropped 23 points. TU Auto and BC enhanced scores dropped 22 points each. No special treatment for Auto Enhanced scores was observed. When my current installment loan reaches 1 year of age in August, I will be checking to see if I recover the lost points from the removed loan.
