03-07-2008 07:01 PM
This is one thing that is holding me back from a higher score regarding the two installment loans:Your FICO score weighs the balances of your non-mortgage installment loans (such as auto loan or student loans) against the original loan amounts. In general, when you first obtain an installment loan your balance is high, and as you pay this loan down, the balance decreases.I guess that is saying my installment loan balances are too high....and this is dinging my score...I wonder how much?
What do you think?
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