balance of loans too high?

[Anonymous]

Consistently on my scores, one of the negative factors listed is that the balance on my loans is too high. My car loan has been paid off for years and shows a zero balance, I'm not sure if that even counts. We do have a small $3k loan from our bank two years ago, which we now only owe 3 more payments on. I don't understand how that translates to a 'high balance'.

[Anonymous]

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@Anonymous wrote:

Consistently on my scores, one of the negative factors listed is that the balance on my loans is too high. My car loan has been paid off for years and shows a zero balance, I'm not sure if that even counts. We do have a small $3k loan from our bank two years ago, which we now only owe 3 more payments on. I don't understand how that translates to a 'high balance'.

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It doesn't. But if your score is less than 800, it just throws stuff in there as "reasons". I have an installment loan and it says the same thing in my EX and EQ reports, but doesn't say it in my TU report because it's currently at 805.

[gdale6]

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@Anonymous wrote:

Consistently on my scores, one of the negative factors listed is that the balance on my loans is too high. My car loan has been paid off for years and shows a zero balance, I'm not sure if that even counts. We do have a small $3k loan from our bank two years ago, which we now only owe 3 more payments on. I don't understand how that translates to a 'high balance'.

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Disregard that warning, it will say it all the way down to 0 then switch to you have no recent installment info if you have no other installment loans open.