cancel
Showing results for 
Search instead for 
Did you mean: 

Ssl data point

tag
FicoMike0
New Contributor

Ssl data point

I just got a new fico8 from experian. +34 points to 794. Looking at the explanations the only thing that fits is reduction in installment loan balance.  I took out a ssl with penfed in mid feb. Just last week, I paid it to less than 9%.  Bingo, penfed reported on April fools, big score bonus.  I only get eq and tu fico8 once a month, so I'll have to wait for those scores.  Ex was my lowest, if the +34 carries through, those will both be 800+.

Message 1 of 10
9 REPLIES 9
Horseshoez
Senior Contributor

Re: Ssl data point


@FicoMike0 wrote:

I just got a new fico8 from experian. +34 points to 794. Looking at the explanations the only thing that fits is reduction in installment loan balance.  I took out a ssl with penfed in mid feb. Just last week, I paid it to less than 9%.  Bingo, penfed reported on April fools, big score bonus.  I only get eq and tu fico8 once a month, so I'll have to wait for those scores.  Ex was my lowest, if the +34 carries through, those will both be 800+.


Assuming you had no other installment loans, then the  +34 is certainly possible.

I categorically refuse to do AZEO!
Message 2 of 10
CorpCrMgr1
Established Contributor

Re: Ssl data point

Congratulations on your score!

Message 3 of 10
FicoMike0
New Contributor

Re: Ssl data point

Thanks.

No other loans.  All in the distant past. The only thing older than 16 months is a card I closed 8+ years ago.  That's why I did the ssl, when that on reaches 10 years, I expect a score drop.

Message 4 of 10
dmFICO8
Regular Contributor

Re: Ssl data point


@FicoMike0 wrote:

Thanks.

No other loans.  All in the distant past. The only thing older than 16 months is a card I closed 8+ years ago.  That's why I did the ssl, when that on reaches 10 years, I expect a score drop.


Congrats to your score! It is average 30+ points increase to FICO8 score if there is no loan in your profile. When the SSL is paid off, you can open another SSL within same month as long you have that planned and deposit the required funds to your account 1 month earlier. BTW, what is PenFed's current SSL interest rate? Is it still 2.05% (2% loan interest + 0.05% savings interest)?

Message 5 of 10
SouthJamaica
Mega Contributor

Re: Ssl data point


@FicoMike0 wrote:

I just got a new fico8 from experian. +34 points to 794. Looking at the explanations the only thing that fits is reduction in installment loan balance.  I took out a ssl with penfed in mid feb. Just last week, I paid it to less than 9%.  Bingo, penfed reported on April fools, big score bonus.  I only get eq and tu fico8 once a month, so I'll have to wait for those scores.  Ex was my lowest, if the +34 carries through, those will both be 800+.


Congratulations.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 6 of 10
FicoMike0
New Contributor

Re: Ssl data point

Still 2.05%.  I wonder when it's paid off, will it be worth doing another? In that case, I will have a loan on my profile, just not open.

Message 7 of 10
Horseshoez
Senior Contributor

Re: Ssl data point


@FicoMike0 wrote:

Still 2.05%.  I wonder when it's paid off, will it be worth doing another? In that case, I will have a loan on my profile, just not open.


I had a paid off installment loan on my record when I opened my SSL; the result was a nice point bump.  If I recall correctly, scoring for installment loans only takes into account ones which are open; assuming I'm correct, then yes, it would behoove you to open another SSL after this one is paid off and closed.

I categorically refuse to do AZEO!
Message 8 of 10
FicoMike0
New Contributor

Re: Ssl data point

New update. Myfico reports my eq. fico8 is +44, to 823. On eq I lost -12 last month when the ssl first reported at 100%. That yields a net of +32, pretty close to the +34 on ex. The ssl works, as advertised.

Message 9 of 10
FicoMike0
New Contributor

Re: Ssl data point

New update. I did credit.com extra credit 7 day free trial. Gives many ficos, all 3 cbs. I have a tu fico8 of 812! That's +44 from last month.  Doesn't show my latest card or the tu hard pull that can with it, so I expect some drop. Still, nice to see two fico 8 above 800. The ssl does work. 

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.