Posts: 17,419
Registered: ‎07-14-2009
Re: Installment Loans vs Credit Mix?

Lucid08 wrote:

Thanks MarineVietVet!


Just wanted to add that this isnt an issue with DTI, as my DTI is currently hovering at around 24% -with- the Motorcycle loan, and will drop to around 17% once I make the last payment tomorrow(today now). I'm just trying to be extra careful not to screw anything up, hence the question about the installment loans. So just to make sure I'm understanding this correctly, any score drop from not having an active installment TL would be offset by what exactly?


Also: Thank you for your service!

10-year Navy Veteran here.. Smiley Happy

There might not be any score drop. If there is it will be probably (no one can guess for sure) just a few points. And this is offset by having less debt. Always make having less or no debt your #1 priority.


And I forgive you for being a Squid!!!   Smiley Wink  Just kidding. Thank you for your service.




From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".