@Thomas_Thumb wrote:
@SouthJamaica wrote:
@Revelate wrote:@SouthJamaica wrote:OK Revelate.
I joined Alliant, set up savings, & took out small Savings Secured loan for $500.
I figured I'd start out with a 12-month loan, just to get the feel of things.
(So far it seems like a very user-friendly organization for those of us who like to do things online. I may well use this bank for regular banking as well.)
So now the idea is to pay it off ahead of schedule, but not down to zero?
Yeah just let it sit if you wouldn't mind; we think there's a line at 80%, and maybe one at 20%. If you want to be uber helpful, let that report, then pay to 79% and see if you get a bump (should be noticible, even mine was 5-6 points) after that go to call it 29% then 19% then 9% and see where you get an expected big bump.
3-5% should be irrelevant from my own testing as well: it's all in number of tradelines reporting a balance when we're talking minimal utilization in my experience; where this does get blurry is it's a brand spanking new installment line, whereas when I was doing testing they'd already been opened for more than a year; however, I don't think it'll matter as when I did the double dog downward with my old installment lines closing, I got nearly an identical drop when the current installment lines were still pretty darned new (less than 6 months) as I got gains recently so I think this might not be much of a factor.
I seriously appreciate your being willing to do this!
OK so that's what I'm going to do.
I'm going to keep my hands off it now for a month and let it report at 90% and see what that does.
Then I'll pay it down to 79% and let that report
Then I'll pay it down to 29% and see what that does.
Then 19
Then 9
And I'll let you know what happens, if anything (I'm kind of jaded... my scores never seem to move much)
I am curious whether their may be a change after a 60/40 split. Is 59% an option to add to the sequence?
You'd have to ask my instalment line guru, Revelate
@Thomas_Thumb wrote:
@SouthJamaica wrote:
@Revelate wrote:@SouthJamaica wrote:OK Revelate.
I joined Alliant, set up savings, & took out small Savings Secured loan for $500.
I figured I'd start out with a 12-month loan, just to get the feel of things.
(So far it seems like a very user-friendly organization for those of us who like to do things online. I may well use this bank for regular banking as well.)
So now the idea is to pay it off ahead of schedule, but not down to zero?
Yeah just let it sit if you wouldn't mind; we think there's a line at 80%, and maybe one at 20%. If you want to be uber helpful, let that report, then pay to 79% and see if you get a bump (should be noticible, even mine was 5-6 points) after that go to call it 29% then 19% then 9% and see where you get an expected big bump.
3-5% should be irrelevant from my own testing as well: it's all in number of tradelines reporting a balance when we're talking minimal utilization in my experience; where this does get blurry is it's a brand spanking new installment line, whereas when I was doing testing they'd already been opened for more than a year; however, I don't think it'll matter as when I did the double dog downward with my old installment lines closing, I got nearly an identical drop when the current installment lines were still pretty darned new (less than 6 months) as I got gains recently so I think this might not be much of a factor.
I seriously appreciate your being willing to do this!
OK so that's what I'm going to do.
I'm going to keep my hands off it now for a month and let it report at 90% and see what that does.
Then I'll pay it down to 79% and let that report
Then I'll pay it down to 29% and see what that does.
Then 19
Then 9
And I'll let you know what happens, if anything (I'm kind of jaded... my scores never seem to move much)
I am curious whether there may be a change after a 60/40 split. Is 59% an option to add to the sequence?
We got that metric already AFAIK in the installment tradeline thread.
Unfortunately with the 12 month term harder to step it down and isolate age vs. utilization.
@Anonymous: You don't care about interest rate on this, you're going to be paying it down to trivialness in 5 months. Out of curiosity what was the rate on the 1 year?
@Revelate wrote:
@Thomas_Thumb wrote:
@SouthJamaica wrote:
@Revelate wrote:@SouthJamaica wrote:OK Revelate.
I joined Alliant, set up savings, & took out small Savings Secured loan for $500.
I figured I'd start out with a 12-month loan, just to get the feel of things.
(So far it seems like a very user-friendly organization for those of us who like to do things online. I may well use this bank for regular banking as well.)
So now the idea is to pay it off ahead of schedule, but not down to zero?
Yeah just let it sit if you wouldn't mind; we think there's a line at 80%, and maybe one at 20%. If you want to be uber helpful, let that report, then pay to 79% and see if you get a bump (should be noticible, even mine was 5-6 points) after that go to call it 29% then 19% then 9% and see where you get an expected big bump.
3-5% should be irrelevant from my own testing as well: it's all in number of tradelines reporting a balance when we're talking minimal utilization in my experience; where this does get blurry is it's a brand spanking new installment line, whereas when I was doing testing they'd already been opened for more than a year; however, I don't think it'll matter as when I did the double dog downward with my old installment lines closing, I got nearly an identical drop when the current installment lines were still pretty darned new (less than 6 months) as I got gains recently so I think this might not be much of a factor.
I seriously appreciate your being willing to do this!
OK so that's what I'm going to do.
I'm going to keep my hands off it now for a month and let it report at 90% and see what that does.
Then I'll pay it down to 79% and let that report
Then I'll pay it down to 29% and see what that does.
Then 19
Then 9
And I'll let you know what happens, if anything (I'm kind of jaded... my scores never seem to move much)
I am curious whether there may be a change after a 60/40 split. Is 59% an option to add to the sequence?
We got that metric already AFAIK in the installment tradeline thread.
Unfortunately with the 12 month term harder to step it down and isolate age vs. utilization.
@Anonymous: You don't care about interest rate on this, you're going to be paying it down to trivialness in 5 months. Out of curiosity what was the rate on the 1 year?
2.95% total cost $8 
@SouthJamaica wrote:2.95% total cost $8
Hah and you're worried about the additional .25 or .5% or whatever interest rate from not doing automatic payments? You're eraning .95% on the underlying savings account anyway!
@Revelate wrote:
@SouthJamaica wrote:2.95% total cost $8
Hah and you're worried about the additional .25 or .5% or whatever interest rate from not doing automatic payments?
I wasn't worried. It wasn't like they asked me about the electronic debits. They just said 'you've got to have automatic payments because of the interest rate'.