You'll see a change once below 8.99% until the loan is PIF. The gains you'll see once below the threshold. It will be roughly a 20+/- point loss from when its PIF. So whats gained will be gone basically. +/-. But if your in with NFCU or PENFED you can grab a SSL and gain back what was loss. Also Finances over FICO. No more interest bearing monthly payments and the title is yours!
Thats always has been the SSL trick. Get the loan then pay it down and let it ride under 8.99%. You'll have the credit mix. But it been said many times that many on here have 800+ scores and no loans reporting. Age does wonders for older files.
@disdreamin wrote:In November my most recent auto loan will be paid down below 10% of the original loan amount, and I believe I should see a bit of a bump in FICO score when that happens. Any idea how much of a bump and which scores will be impacted?
I know whatever gains I make there are temporary and will be lost (and many more) when the loan is PIF since it's my only loan. Any predictions on the dip from paying off that loan? Last time I think I lost 20 or 25 points, so I guess it'll be in that range again. I'm also curious about predictions (guesses) about how this might impact the resiliance score, since one of the red flags there is already my high percentage of revolvers, along with my high revolving account balances. I'm sure that index won't like 100% revolvers any more than it likes my single loan, ha ha.
It depends on whether or not you have other open installment loans, and if so what the current balances and original loan amounts are.
@disdreamin wrote:
@SouthJamaica wrote:
@disdreamin wrote:In November my most recent auto loan will be paid down below 10% of the original loan amount, and I believe I should see a bit of a bump in FICO score when that happens. Any idea how much of a bump and which scores will be impacted?
I know whatever gains I make there are temporary and will be lost (and many more) when the loan is PIF since it's my only loan. Any predictions on the dip from paying off that loan? Last time I think I lost 20 or 25 points, so I guess it'll be in that range again. I'm also curious about predictions (guesses) about how this might impact the resiliance score, since one of the red flags there is already my high percentage of revolvers, along with my high revolving account balances. I'm sure that index won't like 100% revolvers any more than it likes my single loan, ha ha.
It depends on whether or not you have other open installment loans, and if so what the current balances and original loan amounts are.
Yes it does, which is why I mentioned in my original post that it was my only loan.
Sorry, I missed that.
When you get down to around 9% you will probably get a nice boost in your FICO 8's and 9's. In my profile, when I was last at that point, I got a boost of around 32 points.
FICO 8 dirtyish files often got 20 points for it, clean files 30. This is assuming it's been paid somewhat down over time, instant in time 100% to <9% ranged from 30 to 45 even on some reports from datapoints provided here.
YMWV based on the current strength of the file but generally speaking this scales with the higher caps that prettier scorecards get.
@disdreamin wrote:
@Revelate wrote:FICO 8 dirtyish files often got 20 points for it, clean files 30. This is assuming it's been paid somewhat down over time, instant in time 100% to <9% ranged from 30 to 45 even on some reports from datapoints provided here.
YMWV based on the current strength of the file but generally speaking this scales with the higher caps that prettier scorecards get.
It definitely isn't going 100% to sub-9%, it's been about 15 months or so since I took out the loan. My file should be clean, so hopefully 20+ points gain which will be nice to see. Sadly that'll drop again by the end of the year when the loan is paid off, though. FICO giveth and FICO taketh away.
Grin, true indeed... though at least you get something; also does sound like you're in a position to play reindeer games with the usual SSL trick or similar.
I have a 93% left mortgage loan, and about to tack on a brand spanking new one too at 100% though at 7+% I intend to just use that as my savings vehicle for now. I'm not getting points anytime soon for installment utilization, like literally going to be half a million dollars away basically to get those 30+ points... and it makes no financial sense to pay off the now rental property mortgage sitting at 3.15% any sooner than absolutely necessary.