Hello All!
Well, I thought my one and only installment (auto) loan would mature Aug 2022 but actually matured this month! I have to pay it in full by 7/13 in order to not have a 30-day late report. Currently it's 91% paid off and I gained a Whopping 8 points accross all three bureaus. Yes, I was expecting more but having a monthly-updating CA and a young-thin file was probably the reason it was only 8 points. Those two things are also the reason why I'll probably have a 20+ point loss when it updates to a Zero Balance Installment Loan. Any other time, this wouldn't be a problem, but we're in the process of having a house built (est completion Aug 31 2022). This means no new accounts so getting a NAVY FCU SSL is out...
I'm also aware I'll probably lose more once a new mortgage account reports. 
EDIT: After thinking about it a bit more, I think I'm just going to take 1/2 of the "freed up $$" and add it our mortgage payment and put the other 1/2 in savings/retirement account. I can't delete this post so I welcome any comments about what others would do in the same situation. 
@Ceewin wrote:
Hello All!
Well, I thought my one and only installment (auto) loan would mature Aug 2022 but actually matured this month! I have to pay it in full by 7/13 in order to not have a 30-day late report. Currently it's 91% paid off and I gained a Whopping 8 points accross all three bureaus. Yes, I was expecting more but having a monthly-updating CA and a young-thin file was probably the reason it was only 8 points. Those two things are also the reason why I'll probably have a 20+ or more point loss when it updates to a Zero Balance Installment Loan. Any other time, this wouldn't be a problem, but we're in the process of having a house built (est completion Aug 31 2022). This means no new accounts so getting a NAVY FCU SSL is out...
How long before I can regain the loss points? I'm also aware I'll probably lose more once a new mortgage account reports.
Just let the chips fall where they may...? *shrugs shoulders*
Installment utilization, which is what you're concerned about, has little or no effect on mortgage scores. So breathe.
And don't delay. Pay it off immediately. You'll have one less "account with balance" which might actually give you a net increase on your mortgage scores.
Frankly I can't understand why, with a mortgage coming up, you're making the payment late. Please pay it today.
@SouthJamaica wrote:Installment utilization, which is what you're concerned about, has little or no effect on mortgage scores. So breathe.
And don't delay. Pay it off immediately. You'll have one less "account with balance" which might actually give you a net increase on your mortgage scores.
Yep. Breathing is the only thing I can control right now. 
Thanks for the insight. I can only hope to get some increase after all these changes occur/update.
Honestly, I'm about done playing this "Game of Scores"...that is...until my last baddie falls off in April 2023! 
@FireMedic1 wrote:There isnt a HP for a SSL. Your borrowing your own $. Not the banks.
@FireMedic1 Thanks! I'll probably look into getting one after all the dust settles and my last baddie is gone!
@Ceewin wrote:EDIT: After thinking about it a bit more, I think I'm just going to take 1/2 of the "freed up $$" and add it our mortgage payment and put the other 1/2 in savings/retirement account. I can't delete this post so I welcome any comments about what others would do in the same situation.
While users cannot delete posts, Moderators can. Part of the "report inappropriate content" tool enables requests to Mods to delete my own posts, such as when my browser shows an error, and I end up double posting / replying the same text twice,
Users do have the ability to edit their own posts, with a useful hack being to delete all text except for a necessary single character such as a period. You also have the ability to edit the headline of a post, for example if the urgency has been resolved.
Congrats on getting a new house built! It's an exciting time for your family!
@NRB525 wrote:While users cannot delete posts, Moderators can. Part of the "report inappropriate content" tool enables requests to Mods to delete my own posts, such as when my browser shows an error, and I end up double posting / replying the same text twice,
Users do have the ability to edit their own posts, with a useful hack being to delete all text except for a necessary single character such as a period. You also have the ability to edit the headline of a post, for example if the urgency has been resolved.
Congrats on getting a new house built! It's an exciting time for your family!
@NRB525 Hmmm...but you didn't answer the question....Just Kidding! Just Kidding!
Thank you! We are very excited about the new build and thank you for those helpful tips! I've made some edits...and...the auto loan is now paid in full. It actually feels great to be done with it!
The results are in 
:
I was penalized HEAVILY on EXP Fico 8 !
Here's what's changed on my reports:
1.Discover (Primary) util increased from <1% to 3% -- $137 Bal of $4k CL
2.No Balance reported on any of my AU accounts = -15 Points
3.Auto Installment Loan PIF = -33 points
Total Loss of Points = 48 Points!! (EX8: 721 to 673; EX Mtg Score: 718 to 709)
I can't begin to expess how disheartening this is. When are the "powers that be" going to recognize paying off an installment loan should either reflect a score increase or (in the least) no score change at all. Not having an open installment loan should not seem risky to lenders, especially when a potential borrower's credit report shows an installment account closed/paid in full.
FYI...I'll probably gain those AU @ Zero points back by next reporting...maybe sooner
@Ceewin wrote:
Hello All!
Well, I thought my one and only installment (auto) loan would mature Aug 2022 but actually matured this month! I have to pay it in full by 7/13 in order to not have a 30-day late report. Currently it's 91% paid off and I gained a Whopping 8 points accross all three bureaus. Yes, I was expecting more but having a monthly-updating CA and a young-thin file was probably the reason it was only 8 points. Those two things are also the reason why I'll probably have a 20+ point loss when it updates to a Zero Balance Installment Loan. Any other time, this wouldn't be a problem, but we're in the process of having a house built (est completion Aug 31 2022). This means no new accounts so getting a NAVY FCU SSL is out...
I'm also aware I'll probably lose more once a new mortgage account reports.
The mortgage scores don't react to installment utilization like the FICO 8 scores. Usually they do not react at all. Some react, but much more slightly.
You might even experience a point gain, due to having one less account with balance.
Don't delay, pay it. You only have a couple of business days left.