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Valued Contributor
creditnocash
Posts: 2,255
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 689 9/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


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
Shogun
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+

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