No more installment loans, lets see what happens...

[disdreamin]

Wrote the check for mortgage payoff today and paid off the car loan a couple weeks ago. Figured it would be interesting to see what it does to my scores, so I signed up for monitoring for a bit. I'll be taking out a new auto loan in a month or two, but between now and then it'll be interesting to see what happens to the FICO 8 at least. Anyone want to take bets on what a revolver-only profile gets me dinged?

[Horseshoez]

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@disdreamin wrote:

Wrote the check for mortgage payoff today and paid off the car loan a couple weeks ago. Figured it would be interesting to see what it does to my scores, so I signed up for monitoring for a bit. I'll be taking out a new auto loan in a month or two, but between now and then it'll be interesting to see what happens to the FICO 8 at least. Anyone want to take bets on what a revolver-only profile gets me dinged?

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No bets, but I saw an average 22 point gain across the three bureaus when I opened an installment loan.

[SouthJamaica]

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@disdreamin wrote:

Wrote the check for mortgage payoff today and paid off the car loan a couple weeks ago. Figured it would be interesting to see what it does to my scores, so I signed up for monitoring for a bit. I'll be taking out a new auto loan in a month or two, but between now and then it'll be interesting to see what happens to the FICO 8 at least. Anyone want to take bets on what a revolver-only profile gets me dinged?

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Probably 25 points or so in FICO 8.

In the mortgage scores you might even gain a few points.

[disdreamin]

Figured I should post current scores:

FICO 8 are 850, 848, 841 (new CSP a few months ago, they were 850's before that)

Mortgage scores are 808, 816, 816

The auto loan already updated as paid/closed. Once the mortgage has updated on the reports I'll update the FICO 8's. I think in order to update the mortgage scores in a month I'd need to bump up to the higher monitoring. Will consider doing so if the data would be worthwhile.