EX scored Increase 39 Pts after Personal Loan

[NYFan63]

So I was approved for an Andrews FCU personal loan for $20k, paid off some CC's. My payoff of my Cap1 card of approx $5k, increased my EX score by 39 points. Can't wait to for my $10k payoff is Barclays CC to report.

[Appleman]

Congrats! 

The scoring models view installment debt (personal loan) differently than revolving debt (credit card or line of credit) and you have seen how your credit can make big improvements. The impact of decreased utilization is great as evidenced by your 39 point climb.

Has the Personal Loan reported yet? You may get knocked a few points for a new loan reporting at 100% utilization.

[SouthJamaica]

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@NYFan63 wrote:
So I was approved for an Andrews FCU personal loan for $20k, paid off some CC's. My payoff of my Cap1 card of approx $5k, increased my EX score by 39 points. Can't wait to for my $10k payoff is Barclays CC to report.

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Not to rain on yur parade, but unless you have other installment loans out there, your new installment loan will knock your scores down once it reports.

[NYFan63]

No the new installment debt has not reported yet. I do have the Apple IPhone installment debt but not 100% it is reporting. It may not be...

[NYFan63]

Almost forgot, I have a personal loan with LC for the last year. They even sent me an email asking me to take another loan out...