Update...MyFico says I need a nonmortgage installment loan for best score.

[Anonymous]

OK.  Then it sounds like the explanation of that reason statement....

      You have no recent activity from a non-mortgage installment loan

may be because you have no recent activity from any loan of any any kind.  From the persective of your reports, the last activity as over six months ago.

It'll be interesting to see whether that reason statement goes away once your mortgages begin reporting again.  If the text of the reason statement is correct, it should not go away, since even when your mortgages report you will still have no recent activity from a non-mortgage installment loan.  But the text that a reason code generates is not always a fully accurate description of what the back end algorithm is doing.

Which FICO model is generating this statement?  Is it FICO 8 Classic?  One of the mortgage models?  Something else?

[Anonymous]

I contacted my mortgage company today and have to send them a letter to confirm I want it reported monthly.  So once I send that in and they correct it hopefully it will fix the problem.  

I will update this thread when it happens.  

[Thomas_Thumb]

I get the below although I have an open, active mortgage. It's been active monthly for 12 years. So, there certainly is differentiation among some types of installment loans in Fico models. Reason statements mention Auto and non-mortgage specifically. The #1 reason was triggered due to reporting 100% B/HB on an AMEX charge card. Given the no Auto at #2, lack of an Auto loan is almost certainly impacting my score.

[side note: I have never seen a "no recent activity from a non-mortgage loan", so this may become a non issue once the mortgage reports]

[Anonymous]

update. My mortgage company updated the reporting to the CRAs. But for some reason EQ still doesn't show a balance so no change to scores. Gonna get a personal loan next month and will update this thread again once it reports. I have a feeling I'll see about a 30 to 40 point increase.

[stellar]

update? i'm curious

[Anonymous]

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@Anonymous wrote:
update. My mortgage company updated the reporting to the CRAs. But for some reason EQ still doesn't show a balance so no change to scores. Gonna get a personal loan next month and will update this thread again once it reports. I have a feeling I'll see about a 30 to 40 point increase.

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It sounds like the mortgage appeared on our OP's EX and TU report in early May.  Is that right?  If so, it would be interesting to hear what happened to those two FICO 8 scores (and for other models if the OP got a big myFICO report shortly after that).

Also important to know would be the current balance on the mortgage and the original loan amount -- as they are listed on the report.

If the OP is willing to report score changes from that time, we'd want to know if there could have been any other factors that might have caused changes: change in total CC utilization, change in individual utilization, change in number of cards reporting a balance, inquiries aging off, new inquiries, new accounts, change in Age of Youngest Account, etc.

[Anonymous]

my ex and tu have been around 820 because the mortgage has been steady reporting as open on them. It doesn't update like it should but it's there and open.

my eq has been around 775 without the mortgage

I actually just took out a personal loan so when that reports I'll update again with any changes

[Anonymous]

OK.  Here's a recap... can you clarify if I am mistaken anywhere? 

Two mortgages have for years appeared on EX and TU.

No mortgages appear anywhere on EQ.

Up until Sept 15 of last year, the two open mortgages updated each month.

Between Sept 2017 and May 2018 the two mortgages stopped updating but still stayed on EX and TU as open loans.

In post #14 of this thread (early May) you tell us that the lender has now updated the two mortgages.  But in post #17 (today) you say that the two mortgages do not update.  Can you clarify which is the case?

[Anonymous]

gotcha, they did update in late April but have not since updated. I've had to contact them 3 times in the last year to hv them update so problem is it is not automatic.

EQ shows,the mortgage but it is reported as 0 balance and closed.

[Anonymous]

I understand a lot better now.

Is the purpose of the loan you are about to take out chiefly to improve your score?  Or is it a loan where you actually need the money for something?