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Is there a rate-shopping "grace period" with personal loans, like with mortgages?

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Re: Is there a rate-shopping "grace period" with personal loans, like with mortgages?

@Anonymous wrote:

@Revelate wrote:

If you stack them in a short time period other than inquiries you can do what you're saying; it depends on the specific FICO algorithm but they're all way more forgiving towards installment debt.  


Scorewise inquiries are binned so it's not a linear drop for each inquiry, for me I was small or nothing then I dropped a bunch on a single inquiry when I got to some breakpoint on EX (where most of my inquiries land).


Installment debt's not even a half as bad thing, the forumulas don't work that way either.  FICO-wise you always want to finance things installment debt, though if the APR's are higher than your CC's that's bad math financially: taking on a boatload of installment debt was like 22 points on my dirty file and that was on the worst possible case in having installment debt down under 9% anyway... I can drop more than that just getting to 30% revolving, not to mention 100% for sake of the discussion.  That's not linear either, but in general revolving debt is not anyplace you want to be from a FICO perspective.


FAKO's are mostly useless for such analysis.

Thank you!  ah, those bins again, makes my mind go numb LOL ..... Luckily, my rates on the installment debt will be lower than my CC rates, so i'm set there. 


I'm not understanding your sentence: ".....having installment debt down under 9% anyway". Do you mean 9%, as in, that was the total amount of your installment loans, as a % of ALL your credit lines?  


Here are my rough specs: all 3 FICO 08 scores = 780 .... $250k LOC on CC's, with 1% utilization .... $75k un-earned income for 2016 (some places dont count the 1099B of $25k though) ....... roughly, do you think i will be able to borrow $150k to $250k in installment loans? (that's my goal)


Also, when you say stack in a short period, should i literally apply for all of these at the same time? (which is do-able online) .... Thanks for your help!

Haha in re-reading it I barely understand it either.


What I meant was I went from under 9% installment utilization to ~100% when my mortgage reported: that is the worst (max) drop possible on my file with regards to installment debt.

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