Installment accounts

[noel182002]

We are currently rebuilding and we have two installment loans, will paying down those balances help increase the score?

[DaveSignal]

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@noel182002 wrote:
We are currently rebuilding and we have two installment loans, will paying down those balances help increase the score?

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I think that utilization on installments is graded, but it is not nearly as significant as a revolving account.  Revolving utilization is the highest easily controllable FICO scoring factor.  So, if you don't have any credit cards, you should get one.... or three even.  And keep the utilization low.

[Anonymous]

After paying off 2 installment loans (90 days same as cash & 13 mos Conns Card)  i can affirm it has very low to little impact on improving scores.

Good to have variety of tradelines, but it hasnt really made a big difference.

[Whitneyy]

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@noel182002 wrote:
We are currently rebuilding and we have two installment loans, will paying down those balances help increase the score?

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Hello,

What else do you have on your reports that could be possibly holding your score up? Late payments or just high ulitization? 

[ezdriver]

I would not recommend paying off the installmemt loans unless you want to save the interest on them. Add a couple of credit cards and that will improve your credit profile which in turn will deliver improving scores over time.