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Everything I read about fresh start says to pay it off in 3 months and get your revolving account, but if I already have my 3 revolvers, wouldn't I be better off leaving it as an installment loan as long as I can? I have only one installment loan, past and present, in my file, so I wouldn't think it'd be best to milk this as long as possible... right?
@Anonymous wrote:Everything I read about fresh start says to pay it off in 3 months and get your revolving account, but if I already have my 3 revolvers, wouldn't I be better off leaving it as an installment loan as long as I can? I have only one installment loan, past and present, in my file, so I wouldn't think it'd be best to milk this as long as possible... right?
Personally I would not want to pay interest longer than is necessary. 3 cards is only the minimum you need the top number is however many you feel comfortable with managing. It isnt wise to have installment debt just for Fico score purposes and I would upgrade the account ASAP. Have a great day
It really does depend how it's coded on your credit report. If it's an unsecured loan, then having a balance and paying it off monthly looks good and builds a different type of credit than revolving accounts. However, if it's a line of credit akin to a credit card, then it's not really like a loan, and carrying a balance can be seen as a sign of irresponsible fiscal behavior. So you need to ask yourself what the APR is, how much carrying a balance will cost you, and whether this will severely dent yuor utilization. Your credit scores aren't too bad but the amount of credit you have is terribly low, which means carrying any balance will likely reflect over 10% of total utilization, which can also dent your score.