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I have an installment loan...

Regular Contributor

I have an installment loan...

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...

NFCU $17k Amex Gold Jared $3k PC Richards $1500 Discover IT $1800 NYCO $3k BOFA $4500 Macys $2400 Credit One $1450 Victorias Secret $2950 Walmart $4k Target $800 Capital One $1850 JCrew $8700 Paypal $600 Best Buy Mastercard $1500 Barclays $1430 Amazon Store Card $480 Amazon Visa $4k The Limited $1050 Old Navy $5k Overstock $1150 Citibank Dc $1700 Raymour and Flanigan $2500 Chase Freedom $1k Chase Slate $3200
Message 1 of 4
3 REPLIES
Epic Contributor

Re: I have an installment loan...

Installment loans play a very, very small role in your score.  If it does it shouldn't be more than 1 or 2 points.

Message 2 of 4
Established Contributor

Re: I have an installment loan...

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?


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Message 3 of 4
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Epic Contributor

Re: I have an installment loan...


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.
Message 4 of 4