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Can we make it a requirement for posting that one reads CreditScoring 101 first?
fused111 wrote:Hi There! I would begin by reading the credit scoring 101 thread below. Good Stuff!
I have thought about this! Let me go ask the silverback!
MidnightVoice wrote:
Can we make it a requirement for posting that one reads CreditScoring 101 first?
fused111 wrote:
Hi There! I would begin by reading the credit scoring 101 thread below. Good Stuff!
There are util% calculations on installment loans (excluding mortgages) such as autos, personal and student loans but hey carry little weight. Just make sure you pay your installment loans on time, never be late. Revolving util% calculations carry considerably more weight. I would much rather have an installment loan reporting 80% of the original balance as still unpaid (never late though) as opposed to 80% util on my CCs. The later will tank your scores!
GreenTara wrote:
Thanks very much, that was an extremely helpful link. It looks like I made a mistake by closing those accounts once I paid them off. I am still confused about Student Loans though. Is UTIL calculated on those? Does the balance amount matter?
For max FICO points keep your CC util 1-9%.
GreenTara wrote:
In other words, I need to pay down that credit card. Thanks fused111, I really appreciate it.