@Anonymous wrote:
Hi,
Is there a benefit of having multiple installments reporting?
I opened a shared/secured loan last year after closing on my house in February. I opened two more later in 2016 and now have a total of 4 installments reporting (1 mortgage/3 ss loans). I am about to pay off one of the later loans as it may be hurting my AAoA.. but is it optimal to even have the other ss loans since I already have a mortgage reporting? They are under 10%, but are they helping or hurting?
It's not hurting your AAOA having it open. It will remain on your reports once it's closed for 10 years. The only value of paying it off and closing it, is saving money and having one less monthly payment.
If your paying them on time it will help your score showing your creditworthiness. One installment loan and three revolving lines is really all you need.
