Question about Installment Loans

[Juss11]

Do Installment loans figure into your Utilazations the same as CC? My wife Owes $3,000 on her studen loan. Its shows on her EQ report that her CC are all at 8% Util but her student loan is at 60% which  brings her tottal uti to 68%. We want to buy a travel trailer, but we dont want that stoping us from getting aproved for a house later this year. We just paid off all are CC and will pay her loan off over the summer. Her CR (TU,EQ) just jumped into the 700s. Would getting this trailer stop us from getting aproved for a Mortage? We will spend about $12,000.. Thanks Justin

[pizzadude]

Installment loan utilization is a very tiny part of FICO scoring compared to revolving utilization, so I think you will be fine.    It makes sense when you think about it, like on a 30 year mortgage, your utilzation would be high for such a long time it would tank your FICO score if it was a significant part.

[Anonymous]

+1