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Getting a new installment loan


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Everything I've read suggests an open installment isn't necessary to get the related FICO boost. It's merely sufficient to have an installment tradeline, even if paid and closed.

Where did you read that?
My own datapoints say otherwise. I opened a regular 2-year installment 5 yrs ago, prepaid it down, and got the boost. Due date did not push out so it closed 2 months later and my scores reverted; IOW, the closed installment had no effect.
When I did the Alliant hack I got the same boost and it stuck. Account is still open.
Many others report the same (check out Konrad's thread).
Has anyone with only a closed installment ever NOT seen a FICO boost when they did this?
Has anyone ever NOT seen their FICO drop when their only open installment closed?
Everything I've seen says closed installments are ignored by FICO (except for "oldest account" purposes). Possibly some older or specialty FICO versions are different.

 

My experience matches Occam's.

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My white whale is a 30-year mortgage that works the same way. You could pre-pay it down to $50 or so and push the due date out to 2049...

 

But I'm more likely to catch a sperm whale with a fishing pole. :( And I don't even fish...

 

 

How about a revolving account that reports as installment? One was supposedly in existence years ago. I put some effort into finding one but stopped at some point. I believe Tyra was interested in this as well. I believe it was CV that said a CU in SD did it this way.

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My white whale is a 30-year mortgage that works the same way. You could pre-pay it down to $50 or so and push the due date out to 2049...

 

But I'm more likely to catch a sperm whale with a fishing pole. :( And I don't even fish...

 

 

How about a revolving account that reports as installment? One was supposedly in existence years ago. I put some effort into finding one but stopped at some point. I believe Tyra was interested in this as well. I believe it was CV that said a CU in SD did it this way.

 

 

Yes.

 

Mine even reported on-time payments monthly for years after it was closed, despite it being, well, closed.... and its supposed 24-month loan term.

 

Another memberlicious experience from yet another amateur credit union.

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My white whale is a 30-year mortgage that works the same way. You could pre-pay it down to $50 or so and push the due date out to 2049...

 

But I'm more likely to catch a sperm whale with a fishing pole. :( And I don't even fish...

 

 

How about a revolving account that reports as installment? One was supposedly in existence years ago. I put some effort into finding one but stopped at some point. I believe Tyra was interested in this as well. I believe it was CV that said a CU in SD did it this way.

 

I never found that unicorn. The installment loan trick gives me the FICO effect I was looking for albeit with a definite end date.

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My white whale is a 30-year mortgage that works the same way. You could pre-pay it down to $50 or so and push the due date out to 2049...

 

But I'm more likely to catch a sperm whale with a fishing pole. :( And I don't even fish...

 

 

How about a revolving account that reports as installment? One was supposedly in existence years ago. I put some effort into finding one but stopped at some point. I believe Tyra was interested in this as well. I believe it was CV that said a CU in SD did it this way.

 

Yes, I put some effort into that too and so did BobWang. There were persistent rumors of 2 of them, JFCU and Delta CCU (the one in Georgia).

 

I chased them both down, as well as cv's.

 

JFCU: may have reported that way on just one bureau (TU?) for some but it never worked for me.

Delta: was said to work but did not work for me. I still have the PLOC there because it's too old to close. I still put $1 on it every year or two to test it but it still reports as a revolver.

 

As for cv's, he gave me the name but I couldn't find a way to join and now I've forgotten. I think you had to live in SoCal.

 

But cv gets "special" treatment at credit unions. I think NCUA has distributed his poster to all members along with "special handling" instructions. So he probably got a one-time feature (and mistook it for a bug :lol: ).

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My white whale is a 30-year mortgage that works the same way. You could pre-pay it down to $50 or so and push the due date out to 2049...

 

But I'm more likely to catch a sperm whale with a fishing pole. :( And I don't even fish...

 

 

How about a revolving account that reports as installment? One was supposedly in existence years ago. I put some effort into finding one but stopped at some point. I believe Tyra was interested in this as well. I believe it was CV that said a CU in SD did it this way.

 

 

Yes.

 

Mine even reported on-time payments monthly for years after it was closed, despite it being, well, closed.... and its supposed 24-month loan term.

 

Another memberlicious experience from yet another amateur credit union.

 

 

Memberlicious, yes. However, "banker error in your favor", so to speak.

 

 

 

 

 

My white whale is a 30-year mortgage that works the same way. You could pre-pay it down to $50 or so and push the due date out to 2049...

 

But I'm more likely to catch a sperm whale with a fishing pole. :( And I don't even fish...

 

 

How about a revolving account that reports as installment? One was supposedly in existence years ago. I put some effort into finding one but stopped at some point. I believe Tyra was interested in this as well. I believe it was CV that said a CU in SD did it this way.

 

Yes, I put some effort into that too and so did BobWang. There were persistent rumors of 2 of them, JFCU and Delta CCU (the one in Georgia).

 

I chased them both down, as well as cv's.

 

JFCU: may have reported that way on just one bureau (TU?) for some but it never worked for me.

Delta: was said to work but did not work for me. I still have the PLOC there because it's too old to close. I still put $1 on it every year or two to test it but it still reports as a revolver.

 

As for cv's, he gave me the name but I couldn't find a way to join and now I've forgotten. I think you had to live in SoCal.

 

But cv gets "special" treatment at credit unions. I think NCUA has distributed his poster to all members along with "special handling" instructions. So he probably got a one-time feature (and mistook it for a bug :lol: ).

 

 

I got a little further with CV's Credit Union. It was geographically restricted but I found a back door. They were really secretive about the back door. I had to press them while earning their trust to get them to acknowledge and allow the alternate membership path. However, they stated that they no longer had the secured LOC. Not having a secured LOC ended things for me as I was very early in my rebuild and would not have qualified for their unsecured LOC.

Edited by DigDeep
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Everything I've read suggests an open installment isn't necessary to get the related FICO boost. It's merely sufficient to have an installment tradeline, even if paid and closed.

Where did you read that?
My own datapoints say otherwise. I opened a regular 2-year installment 5 yrs ago, prepaid it down, and got the boost. Due date did not push out so it closed 2 months later and my scores reverted; IOW, the closed installment had no effect.
When I did the Alliant hack I got the same boost and it stuck. Account is still open.
Many others report the same (check out Konrad's thread).
Has anyone with only a closed installment ever NOT seen a FICO boost when they did this?
Has anyone ever NOT seen their FICO drop when their only open installment closed?
Everything I've seen says closed installments are ignored by FICO (except for "oldest account" purposes). Possibly some older or specialty FICO versions are different.

 

My experience matches Occam's.

 

same hear

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