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I had two installment accounts and I paid off one of them. I still have one installment (car payment) and 7 credit cards (only one with 2% usage). All installments and credit cards have never been late. Will the paid off installment have any affect on my credit score?
@Slab wrote:I had two installment accounts and I paid off one of them. I still have one installment (car payment) and 7 credit cards (only one with 2% usage). All installments and credit cards have never been late. Will the paid off installment have any affect on my credit score?
Very likely you won't see any impact from this ~ installment loan utilization is a much less significant component of your FICO score than revolving utilization.
You shouldn't see any change. You still have one installment so it's still being incorporated into your credit mix. But as mentioned it's a very small part of your score.
Thanks to everyone for your input. Equifax and Transunion have both gone up by 10 points but I realize that it rose, due to a combination of factors.