Reply
Valued Contributor
Posts: 2,262
Registered: ‎07-23-2012
0

Installment Loan Factors into fico!

as requested by revelate. im coming in here to gain knowledge of how installment effects my score. 

 

at the moment I have 9cc and 1 installment loan(lease on my car) 

 

Best Buy Opened October '10

Macy's  December '10

Kohl's Jan '12

CC Jul'12
Chase Freedom Jul'12

AE Jul'12
Walmart Jul'12

Zync August 12'

CC August 12'

Lease. Obtained August 30th 2012 but I think only reported from sep 36 month loan.

 

soo all together my aaoa would be? (as of today counting oct.) 

24+22+10+4+4+4+4+3+3+2 (80)/10? is that correct. 

so aaoa is 8 months? and subsequently go up every month by 1. (obviously) 

 

 

so how much does the installment loan effect my score? I read the util is almost microscopic its the history and payments that matter. 

Current: Discover Fico 682 1/15 Walmart Fico 684 1/15

Inquiries (24 Months): EQ 4 TU 1 EX 5 | Most Recent: 09/26/2014
Over 12 Months:6


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Moderator
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Installment Loan Factors into fico!

I would say that first it affects it in the obvious way, positive TL, Mix of Accounts, AAoA.  But util shouldn't come into question due to the fact that it's not variable.  You wouldn't be adding to like a revolving account.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.