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3 years ago
Fri Jul 16, 2021 2:35 pm
Cassie
DeveloperLoves long talks on the beach
Cassie has been gardening for over 2 years.
In 2017 I had no credit history, so I opened a $500 'Credit Builder Loan' (also known as SSL or Share Secured Loan) at a credit union to build payment history.
I set it to auto-pay $42.35 monthly from my checking account, and planned on waiting a year to check my credit score.
To my surprise, this is what happened at the 1 year mark, with just this loan account on a clean file:
Experian FICO 8 score jumped from 687 to 748! That's in the 'Very Good' range, and without having a single credit card!
(We found out later that there is no aging gain at 1 year alone with a single bankcard on a clean, new file. This gain might be entirely due to the SSL Boost trick ( less than 9.5% remaining on loan), with nothing from aging.)
Click images to enlarge them.
TCL: $64,000 ACL: $16,000
- Tagline Loves long talks on the beach
- Score data EQ8:790 TU8:790 EX8:795
- Classic 8 Scorecard CLEAN/THICK/MATURE/NO-NEW-REVOLVER
- Mortgage Scorecard CLEAN/THICK/MATURE/NO-NEW-ACCOUNT
- AoOA 6y9m
- AoORA 5y9m
- Date of Last Inquiry and/or New Account Opening February 14th, 2020