I received 2 alerts from TU today:
Now I know what causes an alert may not be the reason for a score change. But I believe this alert is related to the score change as all of my accounts report around the same time and this was the last to report for TU. I've already received a few alerts in March so I assume any age related reason would have happened prior to today and I don't believe I've crossed any threshold for age as of 3/1. In addition the score factors remain in the same order as before. The second score factor being the title of this post. So I have 3 questions:
It's a small change to my score but just trying to understand the movement if possible. Grateful for any responses.
Hey BBS, if was actually a small increase. Based on other things I believe I can rule out as reasons for the increase I was wondering if this threshold is known for auto loans, if auto loans are treated differently than MTG and could an auto loan moving pass a threshold, independant of a change in MTG balance result in a score change. Meaning the 2 different type of installment loans are treated differently and maybe can impact a score separate of another loan.
This alert seems to coincide with the decrease in my auto loan as all of my accounts report within 6 days and there was no other update expected for this period as noted in original post.
Installment accts - 2:
-Mtg - 15 yr Refi 6/2018, open acct date 8/2018, (1st pymt due 10/1) starting balance 127,950, Current balance reported 122,920
-Auto loan - Open 9/16 - 72 month term on balance of 38,304. Current balance 13,250
8 - total CC limit 77,150
1- Retail card - 1,000
LOC 5,000 (counted as a revolver for EX only, = 83,150 revolver CL - EX). For TU total revolving CL is 78,150
Reported balances for Feb updates:
1 CC - 144/2,100
LOC - 700/5,000
2 Installments balances listed above
I never noticed my auto loan referred to as Personal Finance before although it may have been and only notice due to the score change this time. Considering the small increase I'm wondering if that makes a difference since both installment loans combined is high and supports the score factor, I'm wondering with this small increase if the 2 installment loan are differentiated and not combined as I thought I learned hear because I can't figure another reason for an increase, even as small as it is.
You're basically right where I am in terms of loan repayment, 81%.
My score has been flatlined for FICO 8; sometimes there are tiny movements which really can't be attributed to an easy rhyme or reason, but it almost assuredly wasn't installment loan repayment percentage.