850 possible with auto loan at ~70% utilization

7 months ago

Sat Feb 17, 2024 6:50 pm

Dinosaur

Seasoned RebelDinosaur

Level4 Last INQMonday, April 8, 2024 Gardening For4 months, 30 days, 20 hours, and 55 minutes Next Level in3 hours and 5 minutes on September 8th INQ 1yr onTuesday, April 8, 2025 INQ 1yr in7 months, 3 hours, and 5 minutes INQ 2yr onWednesday, April 8, 2026 INQ 2yr in1 year, 7 months, 3 hours, and 5 minutes Goal24 months Goal DateWednesday, April 8, 2026 Goal In1 year, 7 months, 3 hours, and 5 minutes

Post was altered.

Last edited by Dinosaur on Wed Feb 21, 2024 4:37 am, edited 1 time in total.

BrutalBodyShots wrote: ↑Sat Feb 17, 2024 1:09 pm Curious to hear opinions on this. I guess the first question is whether or not we have any data points at all of someone reaching 850 on Fico 8 without an open installment loan. I know that Thomas Quinn over a MF said that a mortgage isn't needed for an 850, but is an open installment loan needed? Is there enough "buffer" beyond 850 to make up for the points not being there from Amounts Owed with respect to installment loan utilization? I was corresponding with a guy earlier that appears to have been capable of an 850 Fico 8 score with 1 open loan, (auto) when at around 73% utilization on it. His score moved from 824 to 844 somewhere around that utilization percentage but due to being on a New Revolver scorecard didn't hit 850. When his AoYRA reached 12 months, naturally 850 happened. We can assume that had he been on a No New Revolver scorecard to begin with when whatever the auto loan threshold point was crossed, 850 would have been realized at that time. Anyway, I never knew that auto loans were considered "significantly paid down" at higher percentages like a mortgage is. I figured below 9.5% utilization is what was needed for max score boost just like personal loans etc, but perhaps my understanding has been wrong all along. You'd think with auto loans being incredibly common that we'd have plenty of data points on this by now. What do you all think?

My Fico 8 has not moved off of 811 since I paid off the Mortgage (June 2023) and went totally zeros on all but the installment loan (vehicle $8000 balance). Now I am going to let $545 hit Discover as a BT to see what impact that will have ...? Do guess it will go to about Fico 8 at 834? Oldest Closed/Open Scoreable Account 2005. Aw ... Discover updated one day after statement close with $548 due and a Fico 8 score at 836.

7 months ago

Sun Feb 18, 2024 9:02 pm

Cassie

DeveloperLoves long talks on the beach

Cassie has been gardening for over 2 years.

Level54 Last INQFriday, February 14, 2020 Gardening For4 years, 6 months, 24 days, 20 hours, and 55 minutes Next Level in6 days, 3 hours, and 5 minutes on September 14th INQ 1yr onSunday, February 14, 2021 INQ 1yr reached3 years, 6 months, 24 days, 20 hours, and 55 minutes ago INQ 2yr onMonday, February 14, 2022 INQ 2yr reached2 years, 6 months, 24 days, 20 hours, and 55 minutes ago

BrutalBodyShots wrote: ↑Sat Feb 17, 2024 1:09 pm Anyway, I never knew that auto loans were considered "significantly paid down" at higher percentages like a mortgage is.

I would never have guessed something below 80% would be considered 'significantly paid down', but it does make sense to not penalize someone for a loan that will naturally have high utilization for at least 3-6 months. Now I'm thinking about what the buffer is like above 850 with <9.5% util on that auto loan. Wow.

7 months ago

Sat Feb 24, 2024 12:47 am

Beefy

Seasoned Rebel

Level3 Last INQTuesday, May 28, 2024 Gardening For3 months, 10 days, 20 hours, and 55 minutes Next Level in20 days, 3 hours, and 5 minutes on September 28th INQ 1yr onWednesday, May 28, 2025 INQ 1yr in8 months, 20 days, 3 hours, and 5 minutes INQ 2yr onThursday, May 28, 2026 INQ 2yr in1 year, 8 months, 20 days, 3 hours, and 5 minutes Goal12 months Goal DateWednesday, May 28, 2025 Goal In8 months, 20 days, 3 hours, and 5 minutes

BrutalBodyShots wrote: ↑Sat Feb 17, 2024 1:09 pm Curious to hear opinions on this. I guess the first question is whether or not we have any data points at all of someone reaching 850 on Fico 8 without an open installment loan. I know that Thomas Quinn over a MF said that a mortgage isn't needed for an 850, but is an open installment loan needed? Is there enough "buffer" beyond 850 to make up for the points not being there from Amounts Owed with respect to installment loan utilization? I was corresponding with a guy earlier that appears to have been capable of an 850 Fico 8 score with 1 open loan, (auto) when at around 73% utilization on it. His score moved from 824 to 844 somewhere around that utilization percentage but due to being on a New Revolver scorecard didn't hit 850. When his AoYRA reached 12 months, naturally 850 happened. We can assume that had he been on a No New Revolver scorecard to begin with when whatever the auto loan threshold point was crossed, 850 would have been realized at that time. Anyway, I never knew that auto loans were considered "significantly paid down" at higher percentages like a mortgage is. I figured below 9.5% utilization is what was needed for max score boost just like personal loans etc, but perhaps my understanding has been wrong all along. You'd think with auto loans being incredibly common that we'd have plenty of data points on this by now. What do you all think?

As we were talking on Reddit recently I hit significantly paid down at 60% on an autoloan on a young scorecard, but as soon as I hit mature last month, it came right back. In apr (I think) I go to no new revolver will see if that makes a difference. /edit Last new account was 3/27/23 so if they go by month I will be there in a few days, if by day about a month, if by HP then mid April (April was a CLI HP)

6 months ago

Mon Mar 04, 2024 11:28 am

Dinosaur

Seasoned RebelDinosaur

Level4 Last INQMonday, April 8, 2024 Gardening For4 months, 30 days, 20 hours, and 55 minutes Next Level in3 hours and 5 minutes on September 8th INQ 1yr onTuesday, April 8, 2025 INQ 1yr in7 months, 3 hours, and 5 minutes INQ 2yr onWednesday, April 8, 2026 INQ 2yr in1 year, 7 months, 3 hours, and 5 minutes Goal24 months Goal DateWednesday, April 8, 2026 Goal In1 year, 7 months, 3 hours, and 5 minutes

Well, I can say over the past many years if the auto loan was not under 30%, I could not get Fico 8 (300 to 850) to be 850.

For five years I sat on Fico 850, but the auto loan held me back when it was zero (lost 22 points) and when the UTI for installment was above 30%.