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I recently paid off an installment loan that was reporting to TransUnion and now I only have 2 open lines of credit reporting. Is this going to hurt my TU FICO?
@RTOrockstar wrote:I recently paid off an installment loan that was reporting to TransUnion and now I only have 2 open lines of credit reporting. Is this going to hurt my TU FICO?
Usually positive paid-off accounts continue to appear on your reports for a number of years, so this account should not fall off any time soon. If anything, I would expect your score to go up a tad because your non-mortgage debt total has become smaller.
Yeah, I wouldn't expect either a jump or a decrease; paying off installment loans doesn't usually make a signifcant change in your FICO scores.