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kellamtom
1163 Posts |
 Posted - 07/05/2009 : 09:29:41 AM
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| if someone pays an auto loan down from 60% to 20% of the original balance would it have an affect on the credit score |
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jfrederick
580 Posts |
Posted - 07/05/2009 : 09:41:56 AM
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| I would think so; does the credit company you pulled your report through haved a "What if" simulator? CBC Innovis has a program where you can test certain payoff scenarios and see what would happen to the score. It is pretty accurate. |
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kellamtom
1163 Posts |
Posted - 07/05/2009 : 12:45:19 PM
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| i was trying to avoid paying the 10bucks when the whatif simulator here on bo is free, i know this works for a revolving trade but wasn't sure if it works for an installment loan. call me cheap if you want to |
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CreditTechnologi
567 Posts |
Posted - 07/05/2009 : 3:04:45 PM
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It depends...
Is the consumer's score being harmed by high installment ratios? If so, it will specifically be indicated in the FICO factors listed below the score (remember they are listed in order of what is having the most negative impact.)
It's rare to see installment ratios as a top factor, if ratios are a concern, it's almost always revolving accounts causing the damage.
btw - with CT, the CreditXpert Credit Analyzer and What if Simulator are only $5/$6 respectfully. With Credit Assure, every report automatically includes the score projection so you know if there is an opportunity to improve the consumers score, and if so - by how much without incurring a CreditXpert fee.
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davidfr
2245 Posts |
Posted - 07/05/2009 : 4:05:48 PM
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quote:
Originally posted by CreditTechnologies
It depends...
Is the consumer's score being harmed by high installment ratios? If so, it will specifically be indicated in the FICO factors listed below the score (remember they are listed in order of what is having the most negative impact.)
It's rare to see installment ratios as a top factor, if ratios are a concern, it's almost always revolving accounts causing the damage.
btw - with CT, the CreditXpert Credit Analyzer and What if Simulator are only $5/$6 respectfully. With Credit Assure, every report automatically includes the score projection so you know if there is an opportunity to improve the consumers score, and if so - by how much without incurring a CreditXpert fee.
Sorry to hijack the thread, but Tom can we pull credit through you as well? What is your cost for single and joint tri-merge? |
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ShamWow
171 Posts |
Posted - 07/05/2009 : 4:38:44 PM
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"i was trying to avoid paying the 10bucks"
This will sound harsh but if you are debating this much over spending $10 to see if this would increase your clients credit score I think the client needs to move on... |
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kellamtom
1163 Posts |
Posted - 07/05/2009 : 5:21:25 PM
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quote:
Originally posted by ShamWow
"i was trying to avoid paying the 10bucks"
This will sound harsh but if you are debating this much over spending $10 to see if this would increase your clients credit score I think the client needs to move on...
You don't know very much about running a business do you!! You can't answer the question can you!! Go back to your cubicle and get on the phone underling! |
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ShamWow
171 Posts |
Posted - 07/05/2009 : 5:31:08 PM
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If your business model does not permit $10 given the ROI I would have to ask:
"You don't know very much about running a business do you"
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CreditTechnologi
567 Posts |
Posted - 07/05/2009 : 7:30:26 PM
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quote:
Originally posted by davidfr
Sorry to hijack the thread, but Tom can we pull credit through you as well? What is your cost for single and joint tri-merge?
Sure David, we provide credit reporting, rescoring, IRS4506, flood and AVM services to about 1600 banker and broker firms nationwide. Tri-merge costs are $12 single, $15 joint with volume incentives available and our Vision program can cut your out-of-pocket credit reporting costs by up to 30% (sometimes more) on non-viable applicants.
Lots of info on our website, or just give me call and I'll be happy to answer any questions.
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virgiltab
184 Posts |
Posted - 07/06/2009 : 07:01:46 AM
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quote:
Originally posted by CreditTechnologies
quote:
Originally posted by davidfr
Sure David, we provide credit reporting, rescoring, IRS4506, flood and AVM services to about 1600 banker and broker firms nationwide. Tri-merge costs are $12 single, $15 joint with volume incentives available and our Vision program can cut your out-of-pocket credit reporting costs by up to 30% (sometimes more) on non-viable applicants.
Lots of info on our website, or just give me call and I'll be happy to answer any questions.
Your more expensive than Equifax mortgage solutions |
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CreditTechnologi
567 Posts |
Posted - 07/06/2009 : 07:19:54 AM
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quote:
Originally posted by virgiltab
quote:
Originally posted by CreditTechnologies
quote:
Originally posted by davidfr
Sure David, we provide credit reporting, rescoring, IRS4506, flood and AVM services to about 1600 banker and broker firms nationwide. Tri-merge costs are $12 single, $15 joint with volume incentives available and our Vision program can cut your out-of-pocket credit reporting costs by up to 30% (sometimes more) on non-viable applicants.
Lots of info on our website, or just give me call and I'll be happy to answer any questions.
Your more expensive than Equifax mortgage solutions
Absolutely - If all you want is cheap credit data, there are many cheaper sources. Our role is to deliver our clients a competitive advantage. For instance - Ask Equifax to complete a no-document rescore in one day and do so without forcing you to pull a new tri merge. |
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kellamtom
1163 Posts |
Posted - 07/06/2009 : 12:20:53 PM
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quote:
Originally posted by ZF
I was trying to avoid the ten dollars? I'm lost, I will spend ten dollars everyday to get a boost in fiocs if it will help the file. Send me your address, I will send you ten dollars.
Did you know that the 10.00 is for a what if simulator, and then the rapid rescore is 30 plus cost of the new report. I completed 2 rescores in June for July closings and both worked. Isn't the algorithm used to calculate the fico score top secret. So why not go to BO for experiences!
THE QUESTION IS SIMPLE DOES AN INSTALLMENT LOAN HAVE THE SAME AFFECT AFTER RESCORE AS A REVOLVING WHEN REDUCING THE BALANCE? |
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Cobrafixer
81 Posts |
Posted - 07/06/2009 : 4:22:37 PM
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| No, installment will not give you the same as paying revolving down. |
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jvanpetten
3928 Posts |
Posted - 07/06/2009 : 4:27:52 PM
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Finally, someone answered the question. I am with you Tom, I thought it was a good question to ask instead of just paying the $10. to find out it doesn't work.
quote:
Originally posted by Cobrafixer
No, installment will not give you the same as paying revolving down.
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