Consumer finance question

[notyou]

I've read a couple times that these are bad.

I've had two PIF loans from Pioneer Military Lending. I've read they are viewed as consumer finance loans and are listed as listed as "what's hurting your score". They're not on mine. After I paid off the first loan my fico took a BIG jump, so I took out another one and paid it off in less than 12 months. I'm just waiting for it to report as PIF to see if there is another big jump.  They're also listed as installment accounts on my CR.

Can someone shed some light for me? I've read that even after they're PIF they still ding your fico?

They should really teach a class about credit in high school I tell ya. I knew just enough to make myself dangerous apparently!

[RobertEG]

Paying off installment loans usually does not have a sigificant impact on your FICO score.  Installment loans are not a big score factor.

I would venture a guess that something else is going on with your file and scoring.

Closing an installment loan might ding your mix of credit if it is the only remaining installment loan in your file, but again, when you refer to huge score changes, they are most likely resulting from something else.