Installment Loans & Finance Companies

[CreditBob]

On one of my report pulls it came back as "installment loans with high balances". How long will it affect the score? I was thinking for the first six months. But will someone please enlighten me.

How will only one installment loan from a finance company affect my fico score if I only have it for one or two months because it is paid in full? I did this because the finance charges were 46%.

[Chopbrocoli]

If it's an installment loan, I dont think it should really ding your score due to high a balance on the loan. When you first applied and was approved, yes you might have been dinged just a bit. Did you notice a score drop because of the high balance on the loan?