credit score

[noturbizniss]

Fico 8.
Was a real bummer.

Any ideas what the drivers were?

[rileywiles23]

Any ideas what the drivers were?

Don't understand what you mean.

[noturbizniss]

Don't understand what you mean.

What factors were pushing it down?

[rileywiles23]

What factors were pushing it down?

Don't know. My fico 8 was going up every few weeks, so not sure why the fico 2 was that much lower.
Haven't had any hard inquires in at least 8 months. Been doing the $2 trick the whole time. Never hasd any late payments.

[noturbizniss]

useless piece of info. I had a credit card with 99% utilization go to 0 utilization. All else remained about the same, more or less. my CK FAKOS went up over 100 points, while my FICO 8 from experian went up 22 points. Just an example of how VASTLY different the scores are.

[Jkhein]

If my cr shows cards with balances that I am an au on, do I want to remove those cards from the report before applying for a mortgage?

[noturbizniss]

If my cr shows cards with balances that I am an au on, do I want to remove those cards from the report before applying for a mortgage?

I haven't gone through it, but people who have, have told me that it's best if they are off.

[Mountain Man]

I'm curious if anyone has any insight in what will happen to my credit score if I finish off my student loans. My student loan is the oldest item on my credit report by 2 years. I'm also concerned that it would reduce my mix of types of credit. I don't have a home loan or auto loan but am considering purchasing a home in a year or two. My credit karma report is showing 49 accounts, 21 open + 28 closed and avg age of 2 yrs and 4 months. Score is 750+.

Any thoughts???

[ari2955]

http://forums.dansdeals.com/index.php?topic=96.msg1365466#msg1365466

[PillanSmye]

useless piece of info. I had a credit card with 99% utilization go to 0 utilization. All else remained about the same, more or less. my CK FAKOS went up over 100 points, while my FICO 8 from experian went up 22 points. Just an example of how VASTLY different the scores are.

A prime example of the relative uselessness of CK and Vantage. 

Until a creditor that matters makes Vantage score a primary factor,  it means NOTHING

[PillanSmye]

I'm curious if anyone has any insight in what will happen to my credit score if I finish off my student loans. My student loan is the oldest item on my credit report by 2 years. I'm also concerned that it would reduce my mix of types of credit. I don't have a home loan or auto loan but am considering purchasing a home in a year or two. My credit karma report is showing 49 accounts, 21 open + 28 closed and avg age of 2 yrs and 4 months. Score is 750+.

Any thoughts???

Your scores wilk fall slightly for having no open non-mortgage installments.

You can do the Alliant Share Secured Loan hack to gain the points back

[yochiek93]

You can do the Alliant Share Secured Loan hack to gain the points back

care to explain

[sedge]

care to explain

https://www.creditboards.com/forums/index.php?/topic/576354-Alliant-CU-Installment-Loan-Hack-CliffsNotes®#entry5541726

[yochiek93]

https://www.creditboards.com/forums/index.php?/topic/576354-Alliant-CU-Installment-Loan-Hack-CliffsNotes®#entry5541726

Thanks

[PillanSmye]

care to explain

You get a 4 year or 5 year loan with Alliant FCU that is secured against a deposit.  It can be $500.  Alliant does not hard pull for membership or the Shared Secured Loan.

You immediately pay back $460.  Alliant is fairly unique in that it will push out the next payment due for 3 or 4 years.  Also, when you pay off the $460, it frees that money up in your savings.

If you don't have open installment loans, getting an installment loan reporting can increase your FICO 08 scores from 20 to 40 points.  So you tie up $40 for a couple years, and pay like $8 in interest over the life of the loan.

[noturbizniss]

You get a 4 year or 5 year loan with Alliant FCU that is secured against a deposit.  It can be $500.  Alliant does not hard pull for membership or the Shared Secured Loan.

You immediately pay back $460.  Alliant is fairly unique in that it will push out the next payment due for 3 or 4 years.  Also, when you pay off the $460, it frees that money up in your savings.

If you don't have open installment loans, getting an installment loan reporting can increase your FICO 08 scores from 20 to 40 points.  So you tie up $40 for a couple years, and pay like $8 in interest over the life of the loan.

will this help the scores that the mortgage lenders use? I have no open installments. Also, I assume I can open one of these under both my name and my wife's name jointly?

thanks!

[Mountain Man]

Your scores wilk fall slightly for having no open non-mortgage installments.

You can do the Alliant Share Secured Loan hack to gain the points back

It would seem simpler to me to just keep a $500 balance which would only be ~$30 interest a year. While that is more than $8 a year it is also my oldest account. But thanks for the Alliant tip I'll definitely look more into it as well.

[Mordyk]

anyone know why a mortgage would not show on a credit report?

[mmgfarb]

What score does discover score card use?

[Der Deutsche Jude]

What score does discover score card use?

Experian