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Has anyone paid 60% or more on a non mortgage installment loan?

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Anonymous
Not applicable

Has anyone paid 60% or more on a non mortgage installment loan?

Has anyone paid 60% or more on a non mortgage installment loan?

I am interested in installments that are greater than total available revolving credit lines. So if you have a total of $10,k available in revolving credit, this installment would need to be greater than $10,k.

What effect did this payment of 60% or greater do to your score?

Thanks.
Message 1 of 4
3 REPLIES 3
MidnightVoice
Super Contributor

Re: Has anyone paid 60% or more on a non mortgage installment loan?

Not sure I understand, but when I had almost zero credit cards I had an auto loan.
 
And it did sweet Fanny Adams for my FICO score.  You need revolving credit for a good FICO
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 2 of 4
Anonymous
Not applicable

Re: Has anyone paid 60% or more on a non mortgage installment loan?

I was interested to learn if this "specific" UTL example changed the score.
Message 3 of 4
fused
Moderator Emeritus

Re: Has anyone paid 60% or more on a non mortgage installment loan?



ilovepizza wrote:
Has anyone paid 60% or more on a non mortgage installment loan?

I am interested in installments that are greater than total available revolving credit lines. So if you have a total of $10,k available in revolving credit, this installment would need to be greater than $10,k.

What effect did this payment of 60% or greater do to your score?

Thanks.

Making large payments on an installment account will not give you many points. It's a real bummer and I wish FICO would change this.
Message 4 of 4
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