@Anonymous wrote:
A couple of people were discussing Reporting of personal loans the other day. I think there are a couple of different ways that they can report. My Avant loan that I got in December and paid off the end of February just now started reporting today. It is reported as an installment loan. I have two other installment loans, 2 open, 1 closed. Equifax still went up 19 pts which I thought was interesting. It wasn't just triggered by the opening of an account either, because Equifax reported an increase just yesterday. I was a bit worried about how this would be perceived apparently good with Equifax :-) Just a little FYI
Paying off an installment loan by itself isn't a good thing under FICO 8 nor even FICO 04/98. The 19 points wasn't because the loan is now paid, though any report of an installment loan would trigger a refactoring of the installment utilization metric which maybe happened here, but if you only had it for threeish months, more likely something else in your report changed.
@Anonymous wrote:
A couple of people were discussing Reporting of personal loans the other day. I think there are a couple of different ways that they can report. My Avant loan that I got in December and paid off the end of February just now started reporting today. It is reported as an installment loan. I have two other installment loans, 2 open, 1 closed. Equifax still went up 19 pts which I thought was interesting. It wasn't just triggered by the opening of an account either, because Equifax reported an increase just yesterday. I was a bit worried about how this would be perceived apparently good with Equifax :-) Just a little FYI
They all report as an installment loan. It's the industry type that you need to look at. These report as finance vs traditional loans that report as banks.
