Installment Loan Balance

[Red1Blue]

On my TU I have car loan reporting balance of 8k and original loan amount was 15.6K. I am not sure why TU-FICO is complaining about installment loan balance that is well under 45%. Any ideas?

[haulingthescoreup]

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concorduser wrote:

On my TU I have car loan reporting balance of 8k and original loan amount was 15.6K. I am not sure why TU-FICO is complaining about installment loan balance that is well under 45%. Any ideas?

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For sure, this is your FICO TU? If you have multiple negative comments, is this first?(2nd, 34d?) Please let us know the whole list of grumps that they have. The lower in the list, the less importance it has.

eta: OK, I can see that it's your FICO TU; sorry. But looking at your math again, would this not be 51%?

Message Edited by haulingthescoreup on 05-01-2009 08:00 PM

[smallfry]

IIRC I still saw this as my 3rd negative reason on TU until I had paid off nearly 80% of my last car loan. The first was public records. The second was short account history. I am currently seeing it as reason 3 with a balance of around 55% of the original car loan. FWIW the 2 public records are a tax lien which drops in three months and a BK that drops in 11 months.

Message Edited by smallfry on 05-02-2009 06:31 AM

Message Edited by smallfry on 05-02-2009 07:26 AM

[Red1Blue]

Ok. I'll go ahead and pay it down by70% and see what it says. It is 3 rd in my list. 1st item is paid collection. second collection is about age. Third is installment loan balance. I am not looking for new credit so scores does not mean much for now. But, I want to go ahead and start cleaning things up so I can keep things nice and Clean. I have to work on getting 2-3 paid collections I have on my record.