Installment Accounts

[Anonymous]

I have a general question about Installment Accounts. I currently have 30k in installment debts. One of the installments is my wife's car,which represents about half of the 30K. We recently trade in her vehicle and got her a new one but only in her name I'm not on the loan. So once the dealership pays off the trade in I should have about 15k in Installment debt . I assume that this will help my overall credit rating and score. I was curious to know what kind of jump if any in my credit score this will do for me. Thanks in advance for any advice.

[Anonymous]

bump

[Anonymous]

It's really impossible to predict what will happen to your scores since there are so many other factors in play.  I don't think that lowering the amount due on the installment loan would -- in and of itself -- result in a big jump.  What is more important is the history on the account, i.e., whether payments have been made on time.