I checked my Walmart FICO today. Under "Key Factors Affecting Your FICO Score", it says "The remaining balance on your installment loans is too high."
The installment loan I have is a new auto loan, purchased March, 2013.
I know that % Utilization is a factor in FICO scoring but I thought % Utilization applied to credit cards only. The above suggests that it may also apply to auto loans. And one may extrapolate to conclude that it may also apply to mortgage loans.
Can someone explain how remaining balance on an installment loan is factored into FICO scoring? And what might the be the threshold percentages?
09/30/2017 - EX 811 (Credit Scorecard EX FICO® Score 8, range 300-850) 11/20/2017 - TU 842 (Discover TU FICO® Score 8, range 300-850) 10/24/2017 - EQ 845 (Citi EQ FICO® Bankcard Score 8, range 250-900) GOAL - 800! - App free since 11/22/2017
They will always have something in there. Don't worry, that's not bringing your score down. All new loans have a high utilization factor, that's just the way it is. I've seen some strange comments listed under the "factors" heading.
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!
June 2017 update: All scores over 820, just pure gardening now.