Installment loan accounts?

Anonymous · ‎06-20-2016

I have a car loan and a personal loan are they both considered installment loans if I pay the personal loan off will it affect my score

RonM21 · ‎06-20-2016

They are both installments in most cases, and if you pay one off, I think you should be fine. There could be a slight score difference though.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

Anonymous · ‎06-20-2016

@Anonymous wrote:
I have a car loan and a personal loan are they both considered installment loans if I pay the personal loan off will it affect my score

It depends on how much is paid off on each loan. For example, if the personal loan is at 9% and the auto loan is at 90%, paying off the personal loan will hurt your score. If the reverse is true, paying it off will help your score.

takeshi74 · ‎06-21-2016

Right, it's not just Credit Mix that matters but balance to loan ratio. However, balance to loan doesn't have the same impact as revolving utilization.