Rebuilding, Major point 27 drop. Data below

[Anonymous]

Hi! Woke up to a 2 point raise, then 25 point drop on Experian (FICO 8).
Data points: 
AU on Citi Costco. Balance was 2400/8700. Was recently balance transfered to a card I'm not AU on.
AU on Wells Fargo. No balance reporting.
Discover at 6000/13200, up from 8700 originally. 1 year old
Capital One is PIF, showing 200/600 on Experian. 1 year old
Capital Bank (opensky) is PIF showing 2/200 on Experian. 1 year old

I also had an installment loan (Credit builder with Self Help Federal CU) for $500, 12 months. Which was paid in full earlier in November.
5 hard inquiries showing.
Experian alerts: 
November 8: Disco CLI increase from 11700 to 13200
November 30: Credit score increase (2 points), possibly from balance transfer?
December 4, Account Paid (self help FCU)
December 4, Credit score decreased by 27 points to 688...

Have made all payments on time, trying hard to improve credit and adult with a severe disability.

Do I need to do the installment loan differently? 2 years? 3 years? 

Thanks!

Dante

[FireMedic1]

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@Anonymous wrote:

Hi! Woke up to a 2 point raise, then 25 point drop on Experian (FICO 8).
Data points: 
AU on Citi Costco. Balance was 2400/8700. Was recently balance transfered to a card I'm not AU on.
AU on Wells Fargo. No balance reporting.
Discover at 6000/13200, up from 8700 originally. 1 year old >50% util
Capital One is PIF, showing 200/600 on Experian. 1 year old Is it PIF now?
Capital Bank (opensky) is PIF showing 2/200 on Experian. 1 year old

I also had an installment loan (Credit builder with Self Help Federal CU) for $500, 12 months. Which was paid in full earlier in November. If this was your only loan. Heres your loss. More than the 50+%util above.
5 hard inquiries showing.
Experian alerts: 
November 8: Disco CLI increase from 11700 to 13200
November 30: Credit score increase (2 points), possibly from balance transfer?
December 4, Account Paid (self help FCU)
December 4, Credit score decreased by 27 points to 688...

Have made all payments on time, trying hard to improve credit and adult with a severe disability.

Do I need to do the installment loan differently? 2 years? 3 years? 

Thanks!

Dante

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Getting another loan will help. Not at first with a new account reporting with other newbie accounts. Its once it gets paid down the score will go up until it repeats again to no loans. Same will happen. Longer term would be more help. A loan that could be paid down and keep its terms is what you want. NFCU does this. Not many SSL's out there like Alliant used to do until they axed that.

[Anonymous]

Hello, and thank you for responding!

The Capital One payment is pending to PIF. Will report the 8th or 9th.
Capital Bank is pending to PIF, will report on the 9th or 10th.

By NFCU, do you mean Navy Federal credit Union?
If so, how.would I become a member with out any family in the military/Navy?

Thank you !!

[Anonymous]

2 possibilities:

One: How many points did you get when your loan crossed the 8.9% B/L threshold? Anyway if the loan reported closed on the 4th and the drop was the same day, then I would think the loan closure was the cause. You get the bonus points when the B/L is <8.9%. So if the purpose of the loan was to get extra points, know that when the loan closes, you lose the bonus points. If that's what you want to do now, then, yes, follow the SSL technique:

Like @FireMedic1 said, open a loan with the longest possible term, pay it down to 8.9% and then make small payments periodically to keep it active. Bonus points gained for longest period of time. Must be a FI that allows you to push payments out without reducing term. See SSL thread.

TWO: The 24 point drop could be the "no AU revolving balance" penalty. If the balance transfer came through and the AU balance was updated on the 4th, you would've lost points. Anytime all your AU cards report 0, expect a penalty.

But, good news is as soon as one of your AU CCs report a balance you can have your points back! Nothing serious, just a reversible penalty.