Would an installment loan help me score mid-long term and other advice seeking.

[Anonymous]

First, I would like to think the community for all the help and education you have provided me for the past couple of years as I've perked and read hundreds if not thousands of threads. I hope I posted in right area.

My question is would adding an installment loan like a shared secured loan from Alliant or similar CU help my credit in the a) mid term (6-12 months) and b) long term (2-5 years)? Some other questions thrown in with specfic accounts.

Here is my profile. My score just got hit for about 10 to 20 points because a new account report it and at 80% utilization. Dates are fairly good estimates.

FICO 8 - EQ 659 TU 668 EX 666 (evil!)

(Date Opened / Last Updated / Balance / High Balance / Limit / Notes)

MORTGAGE
12/14 - 5/16 - 57270 - 64000 - 64000 - Joint - Lots of extra pmts

REVOLVING - Responsibity: individual
CB\VICSRT (Victoria Secret Store Card)
2/15 - 4/16 - $86 - $254 - $1600 - Next update bal will be $0 and CL increased to $2000

CAPITAL ONE
1/15 - 4/16 - $0 - $740 - $4000 - QuickSilver

DISCOVERBANK
4/29/15 - 5/4/16 - $373 - $2497 - $2500 - Discover it Secured, hoping they unsecure it! What do you think my chances are? Made my primary card with lots of spend and high payments as you can see by the high balance being $3 short of the limit, thought that would show CL was too low (max limit for secured card) and could pay off quickly. What do you think my chances of getting it unsecured will be?!?

CAPITAL ONE
12/14 - 4/16 - $0 - $675 - $2300 - First CC, QuickSilver One, keeps refuses to upgrade to QS. Tips to get PC'd to QS? Keep asking daily?

CHASE
3/15 - 4/16 - $1299 - $2200 - $3500 - Chase Freedom

CITI
3/22/16 - 5/3/16 - $721 - $721 - $900 - Just opened hoping for higher CL for BT since my 0% are ending. The newly reported acc at 80% UTL really hurt my credit. Should of probably waited until Disc unsecured.

REVOLVING - AU on these accs but seems like they no longer effect my scores but did help me get started. Should I remove them. Are there ages even counted in scores AAoA for FICO scoring? It seems the UTL is not as my FICO alerts don't include them when I get changes in bankcard balances. All AU are my DH accs.

BK OF AMER
2/13 - 4/16 - $2059 - $2920 - $5000

AMEX
2/15 - 4/16 - $6396 - $6979 - $20000, established MSD as 2015

CAPITAL ONE
1/11 - 4/16 - $2 - $959 - $4400 - Oldest acc on report

CHASE
3/15 - 4/16 - $2294 - $2670 - $4500

INSTALLMENT - Joint with fiancé (DH)
Opened 4/15 - Closed 3/16 - $0 - $500 - Secured loan, joint account

COLLECTIONS (Type, Open, Reported, Balance, Reports)
Medical, 8/10, 5/16, $115, all
Medical, 12/13, 5/16, $1350, all
Medical, 1/12, 4/16, $455, TU EQ
Medical, 8/12, 3/16, $1302, all
Medical 12/11, 2/12, $900, all
Medical, 1/12, 4/16, $35, EQ
Utility, 6/13, 12/14, $0 paid, EX
(Mod Cut-This kind of reference isnt kosher on myFico please refrain from this in the future) should of been removed months ago. While getting our mortgage our loan officer and insurance company verified all claims were paid including dates from where these are stated. Date reported is not necessarily the date of first delinquency.

Never been late on any of my mortgage, credit cards or the installment loan.

I guess what I'm wondering in part would an open installment loan give me a score boost in the mix of credit area or does the mortgage all ready max me out there? I would pay the loan off 91% after 1-2 months then let it go to term. Think I've proven myself to Discover or will old BS medical collection prevent me? Anyone know the FICO score they look for to unsecure?

Thanks for any and all help.
Celly

[manyquestions]

I don't think so, because you already have a loan, the mortage loan.  The only posters I see reporting worthwhile gains from adding an installment loan are people who do not have any open loans of any kind (no mortgage, no schoool loan, no car loan, no loan of any kind loan) before they open the installment loan.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[SouthJamaica]

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@manyquestions wrote:

I don't think so, because you already have a loan, the mortage loan.  The only posters I see reporting worthwhile gains from adding an installment loan are people who do not have any open loans of any kind (no mortgage, no schoool loan, no car loan, no loan of any kind loan) before they open the installment loan.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

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Agreed

[RonM21]

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@SouthJamaica wrote:

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@manyquestions wrote:

I don't think so, because you already have a loan, the mortage loan.  The only posters I see reporting worthwhile gains from adding an installment loan are people who do not have any open loans of any kind (no mortgage, no schoool loan, no car loan, no loan of any kind loan) before they open the installment loan.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

---

Agreed

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+2

[dman23]

---

@Anonymous wrote:
First, I would like to think the community for all the help and education you have provided me for the past couple of years as I've perked and read hundreds if not thousands of threads. I hope I posted in right area.

My question is would adding an installment loan like a shared secured loan from Alliant or similar CU help my credit in the a) mid term (6-12 months) and b) long term (2-5 years)? Some other questions thrown in with specfic accounts.

Here is my profile. My score just got hit for about 10 to 20 points because a new account report it and at 80% utilization. Dates are fairly good estimates.

FICO 8 - EQ 659 TU 668 EX 666 (evil!)

(Date Opened / Last Updated / Balance / High Balance / Limit / Notes)

MORTGAGE
12/14 - 5/16 - 57270 - 64000 - 64000 - Joint - Lots of extra pmts

REVOLVING - Responsibity: individual
CB\VICSRT (Victoria Secret Store Card)
2/15 - 4/16 - $86 - $254 - $1600 - Next update bal will be $0 and CL increased to $2000

CAPITAL ONE
1/15 - 4/16 - $0 - $740 - $4000 - QuickSilver

DISCOVERBANK
4/29/15 - 5/4/16 - $373 - $2497 - $2500 - Discover it Secured, hoping they unsecure it! What do you think my chances are? Made my primary card with lots of spend and high payments as you can see by the high balance being $3 short of the limit, thought that would show CL was too low (max limit for secured card) and could pay off quickly. What do you think my chances of getting it unsecured will be?!?

CAPITAL ONE
12/14 - 4/16 - $0 - $675 - $2300 - First CC, QuickSilver One, keeps refuses to upgrade to QS. Tips to get PC'd to QS? Keep asking daily?

CHASE
3/15 - 4/16 - $1299 - $2200 - $3500 - Chase Freedom

CITI
3/22/16 - 5/3/16 - $721 - $721 - $900 - Just opened hoping for higher CL for BT since my 0% are ending. The newly reported acc at 80% UTL really hurt my credit. Should of probably waited until Disc unsecured.

REVOLVING - AU on these accs but seems like they no longer effect my scores but did help me get started. Should I remove them. Are there ages even counted in scores AAoA for FICO scoring? It seems the UTL is not as my FICO alerts don't include them when I get changes in bankcard balances. All AU are my DH accs.

BK OF AMER
2/13 - 4/16 - $2059 - $2920 - $5000

AMEX
2/15 - 4/16 - $6396 - $6979 - $20000, established MSD as 2015

CAPITAL ONE
1/11 - 4/16 - $2 - $959 - $4400 - Oldest acc on report

CHASE
3/15 - 4/16 - $2294 - $2670 - $4500

INSTALLMENT - Joint with fiancé (DH)
Opened 4/15 - Closed 3/16 - $0 - $500 - Secured loan, joint account

COLLECTIONS (Type, Open, Reported, Balance, Reports)
Medical, 8/10, 5/16, $115, all
Medical, 12/13, 5/16, $1350, all
Medical, 1/12, 4/16, $455, TU EQ
Medical, 8/12, 3/16, $1302, all
Medical 12/11, 2/12, $900, all
Medical, 1/12, 4/16, $35, EQ
Utility, 6/13, 12/14, $0 paid, EX
 should of been removed months ago. While getting our mortgage our loan officer and insurance company verified all claims were paid including dates from where these are stated. Date reported is not necessarily the date of first delinquency.

Never been late on any of my mortgage, credit cards or the installment loan.

I guess what I'm wondering in part would an open installment loan give me a score boost in the mix of credit area or does the mortgage all ready max me out there? I would pay the loan off 91% after 1-2 months then let it go to term. Think I've proven myself to Discover or will old BS medical collection prevent me? Anyone know the FICO score they look for to unsecure?

Thanks for any and all help.
Celly

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I quickly calculated your total credit card limit ($48,700) and outstanding balance ($13,228). That's a 27% credit utilization rate. Get that and keep it below 10% and you'll credit scores will be higher.

[Grafton88]

Actually that looks like Auto-correct.

It seems you have to spell-check and word-check auto correct for Political Correctness.  I would rather just make my own mistakes rather than a computer program give me grief.

[dman23]

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@Grafton88 wrote:

Actually that looks like Auto-correct.

It seems you have to spell-check and word-check auto correct for Political Correctness.  I would rather just make my own mistakes rather than a computer program give me grief.

---

Agreed

[Anonymous]

dman23

I quickly calculated your total credit card limit ($48,700) and outstanding balance ($13,228). That's a 27% credit utilization rate. Get that and keep it below 10% and you'll credit scores will be higher.

I believe this is accounting for the AU cards as well. When I get my FICO alerts it seems to not include those as my recent alert from TU was bankcard balances changed to $3000 or some odd amount.

Here was my last TU alert regarding balances

TransUnion

The total balance on all your Bankcard account(s) has changed. This amount is a sum of all Bankcard ...

674 -> 668 

DETAILS

• TYPE
• All Bankcard

• TOTAL BALANCE
• $3,102.00

What do you think my chances are with Discover? Charged $1000-$3000 per month with them and paid $1000-$2500 per month with them. Left 12th statement with a $373 balance. Earned close to $200.00 in cashback that will be doubled too.

[dman23]

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@Anonymous wrote:

@dman23

I quickly calculated your total credit card limit ($48,700) and outstanding balance ($13,228). That's a 27% credit utilization rate. Get that and keep it below 10% and you'll credit scores will be higher.

I believe this is accounting for the AU cards as well. When I get my FICO alerts it seems to not include those as my recent alert from TU was bankcard balances changed to $3000 or some odd amount.

Here was my last TU alert regarding balances

TransUnion

The total balance on all your Bankcard account(s) has changed. This amount is a sum of all Bankcard ...

674 -> 668 

DETAILS

• TYPE
• All Bankcard

• TOTAL BALANCE
• $3,102.00

What do you think my chances are with Discover? Charged $1000-$3000 per month with them and paid $1000-$2500 per month with them. Left 12th statement with a $373 balance. Earned close to $200.00 in cashback that will be doubled too.

---

I just did a little search and see that with the Discover it Secured Card:

"Monthly reviews start at 12 months to see if you qualify to get your security deposit back..."

Looks like you've just hit 12 months and are now up for monthly reviews. I would wait for your next statement to see if it's gone unsecured. If it hasn't and there's nothing indicating that a review was done I wouldn't hesitate to call and inquire.

[dman23]

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@Anonymous wrote:

@dman23

I quickly calculated your total credit card limit ($48,700) and outstanding balance ($13,228). That's a 27% credit utilization rate. Get that and keep it below 10% and you'll credit scores will be higher.

I believe this is accounting for the AU cards as well. When I get my FICO alerts it seems to not include those as my recent alert from TU was bankcard balances changed to $3000 or some odd amount.

Here was my last TU alert regarding balances

TransUnion

The total balance on all your Bankcard account(s) has changed. This amount is a sum of all Bankcard ...

674 -> 668 

DETAILS

• TYPE
• All Bankcard

• TOTAL BALANCE
• $3,102.00

What do you think my chances are with Discover? Charged $1000-$3000 per month with them and paid $1000-$2500 per month with them. Left 12th statement with a $373 balance. Earned close to $200.00 in cashback that will be doubled too.

---

I think I counted 11 credit cards.

I have 3 credit cards and what I did is changed my payment due dates so that all 3 credit cards have payments due on the same day. This way when my monthly ending statement balances are reported I know exactly what those balances are and thus my credit utilization rate.