NFCU SSL reported, +15 FICO EX

[Anonymous]

Should I expect more gains every month or just that initial bump?  Only installment loan open.

• Opened Dec 17th
• Paid to  <8.9%
• First Month Just reported and I gained 15points (on FICO8 EX)

[SouthJamaica]

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@Anonymous wrote:

Should I expect more gains every month or just that initial bump?  Only installment loan open.

• Opened Dec 17th
• Paid to  <8.9%
• First Month Just reported and I gained 15points (on FICO8 EX)

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Just the initial bump.

[Anonymous]

Just the initial bump, as the loan is already at ideal utilization.

What was the age of your youngest account prior to this new account reporting?  A 15 point bump is pretty low IMO, but if you took your AoYA from > 12 months to 0 months that may have eroded away half of your potential gains.  The good news though is that once your SSL reaches 12 months in age you'll see a nice score increase of around 20 points, assuming you open no other new accounts between now and then.

[Anonymous]

You confirmed that you paid the loan to under 8.99% and that the loan itself has appeared on your report.  Take a look at the balance.

*  Is the balance on the loan (as it appears on the report) the much smaller amount, or is it closer to the original loan amount?

*  Look closer still at the balance as it appears on the report.  Is it possible that you have accumulated a bit of interest since the paydown, so that the reported balance has gone from 8.99% to (say) 9.01%?  If so, that might well account for failing to realize the expected scoring benefit of 30 points.

Also look at the reported balance of your credit cards...

*  Have any of those balances gone up?

*  If so, what was your total utilization the last time you pulled your score vs. now?

*  And has the utilization on any particular card gone up?  For example, was one card at 25% and now it is at 35%?

*  Finally, how many open accounts were reporting a positive balance beforehand vs. how many now?  You have certainly added one more open account with a positive balance.  Number of accounts with a positive balance is a scoring factor.

Good question by BBS, btw.

[Anonymous]

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@Anonymous wrote:

You confirmed that you paid the loan to under 8.99% and that the loan itself has appeared on your report.  Take a look at the balance.

*  Is the balance on the loan (as it appears on the report) the much smaller amount, or is it closer to the original loan amount?

Balance reported at the lower amount post-payment

*  Look closer still at the balance as it appears on the report.  Is it possible that you have accumulated a bit of interest since the paydown, so that the reported balance has gone from 8.99% to (say) 9.01%?  If so, that might well account for failing to realize the expected scoring benefit of 30 points.

$266.93 remaining balance / $3001 original loan amount= 8.89%

Also look at the reported balance of your credit cards...

*  Have any of those balances gone up?

@ Negative @ 1% now, nothing new was reported

*  If so, what was your total utilization the last time you pulled your score vs. now?

 4% on 30DEC18 > updated on 31DEC18 = 1% 

*  And has the utilization on any particular card gone up?  For example, was one card at 25% and now it is at 35%?

 No all zero nearly

*  Finally, how many open accounts were reporting a positive balance beforehand vs. how many now?  You have certainly added one more open account with a positive balance.  Number of accounts with a positive balance is a scoring factor.

 Only the SSL has a balance, some of my CC's actually are overpaid so they didnt close/report w interest accrued from use during the month

Good question by BBS, btw.

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[Anonymous]

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@Anonymous wrote:

Just the initial bump, as the loan is already at ideal utilization.

What was the age of your youngest account prior to this new account reporting?  A 15 point bump is pretty low IMO, but if you took your AoYA from > 12 months to 0 months that may have eroded away half of your potential gains.  The good news though is that once your SSL reaches 12 months in age you'll see a nice score increase of around 20 points, assuming you open no other new accounts between now and then.

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Youngest account was 5months.  Thanks BrutalBS!  I was waiting to apply for a few mor cards once the SSL reported so Im going to move forward w the apps mostly business accounts though so I'll just have inq's on my reports come 12 months from now dont think thatll have as much impact as a bunch of personal accounts showing up :-p 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

*  Finally, how many open accounts were reporting a positive balance beforehand vs. how many now?  You have certainly added one more open account with a positive balance.  Number of accounts with a positive balance is a scoring factor.

 Only the SSL has a balance, some of my CC's actually are overpaid so they didnt close/report w interest accrued from use during the month.

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If the only account with a positive balance is your SSL, that explains why your SSL boost is 15 points rather than the expected 30-35.

You need to have a true credit card reporting a positive balance as well.  Otherwise FICO imposed a 15-20 point penalty.  And that card cannot be a charge card or an AU card.

[Anonymous]

2nd All Zero penalty victim today.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

*  Finally, how many open accounts were reporting a positive balance beforehand vs. how many now?  You have certainly added one more open account with a positive balance.  Number of accounts with a positive balance is a scoring factor.

 Only the SSL has a balance, some of my CC's actually are overpaid so they didnt close/report w interest accrued from use during the month.

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If the only account with a positive balance is your SSL, that explains why your SSL boost is 15 points rather than the expected 30-35.

You need to have a true credit card reporting a positive balance as well.  Otherwise FICO imposed a 15-20 point penalty.  And that card cannot be a charge card or an AU card.

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Sht lol...Thought I was doing good since 15 credit cards OWED me lol

Yeah my charge card had a bal report/paid it off now. gdang it man lol.  How much do I let report on another credit card(s) ?

[Anonymous]

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@Anonymous wrote:
2nd All Zero penalty victim today.

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Assuming next month or after a bal reports on a CC it'll bounce up a bit more?