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Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
0

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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Senior Contributor
jsucool76
Posts: 3,666
Registered: ‎12-11-2011
0

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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Regular Contributor
SpiceIslander
Posts: 348
Registered: ‎02-01-2010
0

Re: personal loans affect utl?

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

Meg.

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