I recently bought a new car and finanaced it through my company credit union. I couldn't pass up the interest rate. Unfortunately, they only report to TU. So my TU report shows 3 revolving and to installment loans (car & motorcycle). EQ & EX only report the 3 revolving accounts as active TL's. Would it be worthwhile to open some kind of installment loan (secured loan or store financing) that would report to EQ &EX? How much do you think it might help?
@KellyP25721 wrote:I recently bought a new car and finanaced it through my company credit union. I couldn't pass up the interest rate. Unfortunately, they only report to TU. So my TU report shows 3 revolving and to installment loans (car & motorcycle). EQ & EX only report the 3 revolving accounts as active TL's. Would it be worthwhile to open some kind of installment loan (secured loan or store financing) that would report to EQ &EX? How much do you think it might help?
I would not worry about it, installment loans really dont give that much of a bang. Initially they cause a Fico decrease and over time your score will rise then when the loan closes (typically your last one) there is a Fico decrease, the decrease is bigger the higher your Fico is, some experience 30+ point decreases when the last loan closes under the fico 8 model. Revolving credit and how you handle that is much more weight than installment loans.
Thanks, that makes sense. That also explains the 8-10 drop when my old car loan closed on EX & EQ.