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New Member
Posts: 4
Registered: ‎01-02-2012
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There is a lack of recent installment loan information on your credit report

I paid off my car 18 months ago, I have a student loan with ~$9,000 left to pay(direct deposit from bank acct), one credit card that I never use(had for 10 years), and another credit card with an intro offer of 0% APR(for 12 months) that I plan to zero out and cancel in February. I recently applied for another credit card with an intro offer of 0% APR(for 18 months) since the other is up in February. When I applied for the new card, under the Key factors that adversely affected your credit score it listed "There is a lack of recent installment loan information on your credit report". Based of what I've shared, what does "There is a lack of recent installment loan information on your credit report" refer to?

Epic Contributor
Posts: 21,266
Registered: ‎03-19-2007
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Re: There is a lack of recent installment loan information on your credit report

That you have no open installment accounts, and thus is apparently saying that you dont have a mix of active revolving and installment credit.

New Member
Posts: 4
Registered: ‎01-02-2012
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Re: There is a lack of recent installment loan information on your credit report

Student loans do not count?

 

So to increase my credit score, I have to get an installment loan even though I do not need to purchase anything?

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: There is a lack of recent installment loan information on your credit report

[ Edited ]

Did this statement accompany any mention to FICO or did the lender provide a FICO score? Or was it a blanket comment without any mention to a credit score?

New Member
Posts: 4
Registered: ‎01-02-2012
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Re: There is a lack of recent installment loan information on your credit report

This information was on the last page(4th sheet) of my Citi Bank Credit Card packet. I did qualify for the card.

 

I believe the lender(Citi), since it was their packet, provided the FICO score. I can double check when I am home. The score they provided was 707. My goal this year is to raise it to 760.

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Senior Contributor
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Registered: ‎09-06-2008
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Re: There is a lack of recent installment loan information on your credit report


ikari2_2000 wrote:

Student loans do not count?

 

So to increase my credit score, I have to get an installment loan even though I do not need to purchase anything?


oh, they count!  i consistently get the message that the remaining balance on my installment loans is too high Smiley Very Happy

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
New Member
Posts: 4
Registered: ‎01-02-2012
0

Re: There is a lack of recent installment loan information on your credit report

So to increase my credit score, I have to get an installment loan even though I do not need to purchase anything?

Moderator Emeritus
Posts: 12,480
Registered: ‎12-30-2011
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Re: There is a lack of recent installment loan information on your credit report

[ Edited ]

ikari2_2000 wrote:

So to increase my credit score, I have to get an installment loan even though I do not need to purchase anything?


From a pure FICO scoring perspective, if you don't own a house with a reporting mortgage, probably.  The system isn't setup in our favor on some things (or, debatedly, most things for that matter).

 

Like anything, YMMV.  You did get approved for a respectable card, I wouldn't worry about it overly much as you're already in prime territory but I agree 760 is better than <760.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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