So I had my Barclay CC score genrated today and your right. TU dropped from 850 to 841.
Reason codes
1. No recent bank/national revolving balances
2. No recent revolving balances
So yes your right, and the punishment isn't as sever on TU as EX.
Will wait a week or two for the EQ pull, however, the 1 point decrease was for "No recent revolving balances" which I checked when you mentioned it.
So this just means I need to charge a little on most of my cards, let them report then pay. Typically I have at least one card reporting a balance, but I guess I have been vigilant in paying them off too quickly. Just hate seeing the balance. Just a moment in time. I primaryly use four cards that will have something charged this month. I have two that never get use, maybe buy something on those so they know I am alive.
All my cards report to all CUs, so I am good there.
Still interested to see the extent of punishment from TU and EQ vs EX. Guess I will find out.
@SlimShady66 wrote:So I had my Barclay CC score genrated today and your right. TU dropped from 850 to 841.
Reason codes
1. No recent bank/national revolving balances
2. No recent revolving balances
So yes your right, and the punishment isn't as sever on TU as EX.
Will wait a week or two for the EQ pull, however, the 1 point decrease was for "No recent revolving balances" which I checked when you mentioned it.
So this just means I need to charge a little on most of my cards, let them report then pay. Typically I have at least one card reporting a balance, but I guess I have been vigilant in paying them off too quickly. Just hate seeing the balance. Just a moment in time. I primaryly use four cards that will have something charged this month. I have two that never get use, maybe buy something on those so they know I am alive.
All my cards report to all CUs, so I am good there.
Still interested to see the extent of punishment from TU and EQ vs EX. Guess I will find out.
Yeah, you're hitting the All-Zero (AZ) penalty. I run into this a couple times per year as I don't have the time/energy/patience to practice AZEO; instead I pay all of my cards in full just prior to the statement cut date and then rely on a few latent charges to post before the actual cut of the statment(s). Typically I have one or two cards reporting a small balance, but yeah, as I said, a few times per year I get a one-month ~20 point whack on my scores when all of the statements are cut with a $0.00 balance.
Yeah, just didn't realize it. not a huge deal and easy to correct.
I am sure it has happened before. I haven't really been paying attention to my score till just this past month.
Hey @magnetism3432
Nope, not yet. My only active installment will close in July. Thinking of just seeing what happens with my scores intially and perhaps letting them ride for some recovery after the intial hit of the tradline cloosing.
I will make a decision down the road a bit one way or the other.
@magnetism3432 wrote:Hey @SlimShady66. Did you end up applying for the PenFed SSL? I'm looking to go through the process but, like you, haven't seen recent datapoints. Would appreciate any insights you have!
Just call PenFed and ask an associate; the few I've talked to were very well informed and explained the SSL thing perfectly.
@FicoMike0 wrote:Great info here! I just took out a PenFed ssl. My situation is, my scores are all above 760 now, but I expect a drop in about 18 months. I was credit retired for many years. My oldest account is a card closed 8.5 years ago. Otherwise, my oldest is 14 mo. I neither have or plan any installment loans. I hoping the ssl will help when the old account drops.
- I just opened the ssl, $1800 for 6 years. First payment is due 04/04/24. Any help on how to proceed? It looks like I want to pay $1620 to get to 9%. Should I make several smaller payments? Is it safe to pay to 9% before the first is due, or should I do, say $500, then pay more after the due date? I don't want them to cancel or shorten the loan. Any help is appreciated. I'm thinking I'll get a good set of scores right before the due date, then right after for the data. Is there any data value in paying it to intermediate points, say 80%, 60%, etc over several months? I'm not really in a hurry.
Go ahead and pay the account down to < 9%, all that will do is extend when your next due date is well into the future.
Hi @FicoMike0 ,
Congrats on the SSL.
So my guess is your oldest closed account dropping off your credit report is the expected score drop event in 18 months?
There is no value in paying down to anything other than 9%.
My last SSL was with Alliant when they issued them, and I was little worried paying one lump sum, So I just payed many payments till I got to my optimal between 8% and 9%. I think that was a little silly in hindsight, should have just paid lump sum.
No experience with PenFed, but I would assume you can pay that down anyway you want. However, you can just test the waters out by paying 200 or 300, then see the results of the account. If that works, then you know you can pay the rest down in lump payment to your desired 8% to 9%. Then just keep an eye on it every few months.
Some will say you would want to wait till it reports the tradline on all three CB's. But I didn't wait for that. I mean you got the loan for $X amount, and that's what PenFed will report, Loan Amount and current balance.
I guess if you were testing and giving feedback on loan effect on score intially. Then next month effect on score of paying down to between 8% and 9%. But not required and there is enough feedback over the years, that it indeed works.