03-30-2013 09:26 PM
03-31-2013 10:54 AM
Installlment loans, when open, add to your credit mix which is 10% of your score. After they are closed they still factor into your AAoA. These loans have their own utilization which is probably less than 10% of your score. If you default on an installment loan they do hurt you just as much as anything else.
CC is a revolving account.
If you haven't seen this, here is a look at how your different accounts, payment history and all that is looked at. It is general information from FICO:
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO