Installment tradeline utilization thread

[Anonymous]

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@jamie123 wrote:

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@Anonymous wrote:

One additional data point. Got a TU score today that includes the updated loan info. It jumped fro 784 to 819.

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Wow! That's great!

Congratulations!

Should we start calling you Mr. Captool now?

800 plus! You made it!

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It's been over 800 before, but I couldn't keep my finger off the app buttons.  I'm sure it'll drop back below 800 when my Promise Financial loan reports.

[Thomas_Thumb]

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@Anonymous wrote:

One additional data point. Got a TU score today that includes the updated loan info. It jumped fro 784 to 819.

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Interesting:

1) Looks like 19 point bump on EX with collection on file

2) Looks like 35 point bump on TU with clean file

[Anonymous]

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@Thomas_Thumb wrote:

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@Anonymous wrote:

One additional data point. Got a TU score today that includes the updated loan info. It jumped fro 784 to 819.

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Interesting:

1) Looks like 19 point bump on EX with collection on file

2) Looks like 35 point bump on TU with clean file

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Actually, it's a tax lien. A very big tax lien. It's in both my EX and EQ. Used to be in TU but for some unknown reason it vanished way sooner than it was supposed to.

[Revelate]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

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@Anonymous wrote:

One additional data point. Got a TU score today that includes the updated loan info. It jumped fro 784 to 819.

---

Interesting:

1) Looks like 19 point bump on EX with collection on file

2) Looks like 35 point bump on TU with clean file

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Actually, it's a tax lien. A very big tax lien. It's in both my EX and EQ. Used to be in TU but for some unknown reason it vanished way sooner than it was supposed to.

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Size of tax lien doesn't matter (fortunately in my former case haha, though now my score sucks over a $2900 State issue, sigh).

My own movements were on the order of 20 points as a dirty file so that all seems reasonable, everything gets outsized in the higher scoring buckets.

[JLK93]

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@Thomas_Thumb wrote:

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@Anonymous wrote:

One additional data point. Got a TU score today that includes the updated loan info. It jumped fro 784 to 819.

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Interesting:

1) Looks like 19 point bump on EX with collection on file

2) Looks like 35 point bump on TU with clean file

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When my installment loan crossed the 10% break point, my FICO 08 score increases ranged from 34 to 39 points. My files are all clean. So, this seems to be a consistent result. My largest FICO score jumps came on TU and EQ, the files that had the fewest inquiries.

[happy0510]

I am about to join the ranks of this thread.  At the end of this month I am paying off my mortgage, our Heloc, and one of our cars.  The only installment we will have left is our lease.  I will give you before and after details on both my Husbands file and my own.  We are applying for our new mortgage in March.  Hoping our lease will keep us alive in the installment fico scoring.  Wish us luck!!

[SouthJamaica]

Here's my little data point, which will probably come as no surprise to anyone.

I had NO instalment loans, only revolving loans, in my reports.

I took out a share loan for $500, paid it mostly down, & about 5 days after it reported at month end, my Experian score increased around 10 points.

In the following month I paid it off completely, & about 5 days after it reported at month end, my Experian score decreased around 10 points.

So I guess having a small mostly paid off instalment loan was worth around 10 points to me.

[vanillabean]

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@Thomas_Thumb wrote:

The aggregate view suggests a breakpoint between 72% to 66% (at 70%?) and perhaps 2 breakpoints (or one with a larger impact) going from 66% to 6%.

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The ~70% breakpoint basically penalizes you for starting up a new loan, while you should be rewarded for taking the path of showing responsible use of credit, as in losing points when paying off the loan. FICO instead pretty much puts a new loan right up there alongside a maxed out credit card, even though any loan starts at the full principal being unpaid.

[jamie123]

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@SouthJamaica wrote:

Here's my little data point, which will probably come as no surprise to anyone.

I had NO instalment loans, only revolving loans, in my reports.

I took out a share loan for $500, paid it mostly down, & about 5 days after it reported at month end, my Experian score increased around 10 points.

In the following month I paid it off completely, & about 5 days after it reported at month end, my Experian score decreased around 10 points.

So I guess having a small mostly paid off instalment loan was worth around 10 points to me.

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Hey, that's a great data point!

If I remember correctly, you have pretty new and busy reports but were still able to gain 10 points. That's great information!

[SouthJamaica]

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@jamie123 wrote:

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@SouthJamaica wrote:

Here's my little data point, which will probably come as no surprise to anyone.

I had NO instalment loans, only revolving loans, in my reports.

I took out a share loan for $500, paid it mostly down, & about 5 days after it reported at month end, my Experian score increased around 10 points.

In the following month I paid it off completely, & about 5 days after it reported at month end, my Experian score decreased around 10 points.

So I guess having a small mostly paid off instalment loan was worth around 10 points to me.

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Hey, that's a great data point!

If I remember correctly, you have pretty new and busy reports but were still able to gain 10 points. That's great information!

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Yes I did have significant increase in utilization around the same time.