I'll be closing 2 or 2 more accounts just because I know they wont grow, QS1 and credit one for sure and my installment loan. Will that still be a red flag?
Is there a reason you are closing your installment loan? If you would like to get a score boost, pay it down under 8.9% and then leave it alone, if that’s your only installment loan.
And yes everything Remmy said is right on point. Glad to hear you’re taking the advice.
It was a 12mth $1500 loan I have until November will be the last mth. My other installment loans I just got for my wedding in in june so I'm only 2 mth into a 36mth term.
OK when your aggregate installment utilization is under 8.9% you get a score boost.
So if you could get them both under 8.9% and leave them there you would see a score boost. Or you can pay off the small one and then pay the second one down to 8.9%.
A little trick that could net you 15 to 30 points. you don’t need it now because you’re not about to app now, but if you could pay off the first one and get the second one below 8.9 before you’re ready to do your next apps in 12 months or longer, then you would see a score boost that would assist you at that time.
