@brianj31 wrote:
i have a car loan that I've been paying on for about a year now. I recently co-signed on a car loan for my wife and also took out a personal loan for 5,000. Will this have a negative impact on my score? I have a few credit cards with only one reporting a balance.. Thanks for your help!!
Im a long time lurker lol this is my first post. Last year my scores were in the 500s but thanks to this forum I'm now in the upper 600s!!
I do not believe that Fico will penalize you just on the basis of having 3 installment loans. What will hurt you with Fico scoring is that you've incurred more debt an it will affect your credit utilization in a negative way until you get the balances paid down on the loans. You will also be affected negatively from a non-fico standpoint as your debt to income will be affected and while Fico cannot recognize that, lenders can.
