How will this affect my FICO score

[Anonymous]

I received a personal signature loan in the amount of $6,000.  The highest credit limit I have right now is $2,600 on a Wells Fargo account for Becker Furniture World which is no good after I pay it off because Becker switched banks.  Will this help my utilization a lot and help to increase my score as I pay it down?

[MarineVietVet]

---

@Anonymous wrote:

I received a personal signature loan in the amount of $6,000.  The highest credit limit I have right now is $2,600 on a Wells Fargo account for Becker Furniture World which is no good after I pay it off because Becker switched banks.  Will this help my utilization a lot and help to increase my score as I pay it down?

---

I hate to tell you but installment loans are not factored into revolving utilization. Fixed loans do have utilization percentages but this is separate from revolving utilization and is not nearly as big a factor.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score