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That will be paid off soon will that cause my score to drop...? The credit history on it is perfect never late..And i have had it for 5 years...
Installment loans play a very, very small role in your score. If it does it shouldn't be more than 1 or 2 points.
wouldn't that depend on if you have only one installment loan or 4+ installment loans. I thought more than 3 was a threshold afterwhich your score was negatively affected by having so many?
@NJTurnpike wrote:wouldn't that depend on if you have only one installment loan or 4+ installment loans. I thought more than 3 was a threshold afterwhich your score was negatively affected by having so many?
Installment debt usally isn't a problem in scores. Too many accounts with balances would include installments since an open installment carries a balance so you could possibly see a small ding.
But if you have 4 CC and only let 1 carry a balance, that would counter-balance the installment accounts.