bcnu176 wrote:so, basically, the revolving util is more important on score than the car loans, correct?Correct.I know the car loan is important, but overall, the fico weighs more heavily on CC then?Yes.correrct me if i'm wrong, but how can a car loan be considered utility?For an installment loan, utilization is calculated as the ratio of the current balance to the original amount of the loan. As you pay the loan down over time, your utilization on that account will continue to improve over the period of the loan.It's also worth noting that installment utilization only includes non-mortgage accounts.I guess its just scored on a lesser scale right?If by "lesser scale" you mean it's not as important as revolving utilization, then yes.I mean, its not the biggest part of the scoring, correct?
Take the phone off the hook, ignore your family, don't do any housework, and sneak onto the forums during your workday --do this for 5 or 6 months, and you'll find yourself a mod!
wow, thanks alot. I wish I knew as much as you and the other people here. if i knew half as much as you, id have a better score.I wish i knew about myfico a few years ago......thanks for everyones help.