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personal loans affect utl?

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Valued Contributor

personal loans affect utl?

I was just approved for a 8k personal loan at 8.9 APR.
How is this gonna affect my utl? My utl right now is at 1% with total debt of $513.
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Super Contributor

Re: personal loans affect utl?

A loan and LOC/CC operate differently. Installment versus revolving.

Afaik, the loan wont affect your util, but it will affect loan balances/loan amounts, and you current debt to income ratio.

Not entirely sure how those are judged though. Might be wrong myself.
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Frequent Contributor

Re: personal loans affect utl?

I don't think a loan matters for utilization but a line of credit definitely will.

Meg.

FICO: 4/2016 - TU 841 | EQ 840 | EX 837

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