75 point boost

[Anonymous]

I took out a loan to pay down about $36,000 in high interest CC debt, so my util went from 49% to 1%. I suppose the score will come down once the $36,000 installment loan hits. I wasn't expecting my score to go up so much. 

ps...I used payoff.com to payoff of cc. 6.65% for 36 months. My CCs avaraged 16%

[Trudy]

Congratulations!  That's a huge swing.

[Anonymous]

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@Trudy wrote:

Congratulations!  That's a huge swing.

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Thanks. I still have about $200k in Student loan debt, where some loans are actually more than the original balances and none paid down. I guess installment loans don't have that big of an impact. We'll see. 

[Anonymous]

Correct.  Installment loan debt in terms of maxed out accounts impacts score far less than revolving debt / maxed out accounts.

[ccquest]

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@Anonymous wrote:

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@Trudy wrote:

Congratulations!  That's a huge swing.

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Thanks. I still have about $200k in Student loan debt, where some loans are actually more than the original balances and none paid down. I guess installment loans don't have that big of an impact. We'll see. 

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They definitley have an impact, but since it sounds like you're already at 100+%, I don't know how much the new one will impact your score to be honest. I went from 86% installment utilization to 94% (refinanced a private student loan to another one) and my EX F8 dropped 21 points when that change reflected. I do wonder if you'll mostly just get the new inquiry/account penalty (inquiry takes 30 days to impact) and that's it or if there will be anything more.

[Anonymous]

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@ccquest wrote:

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@Anonymous wrote:

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@Trudy wrote:

Congratulations!  That's a huge swing.

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Thanks. I still have about $200k in Student loan debt, where some loans are actually more than the original balances and none paid down. I guess installment loans don't have that big of an impact. We'll see. 

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They definitley have an impact, but since it sounds like you're already at 100+%, I don't know how much the new one will impact your score to be honest. I went from 86% installment utilization to 94% (refinanced a private student loan to another one) and my EX F8 dropped 21 points when that change reflected. I do wonder if you'll mostly just get the new inquiry/account penalty (inquiry takes 30 days to impact) and that's it or if there will be anything more.

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According to CK, when the inquiry hit my score only dropped two points on TU. I don't know what my TU Fico score is. 

[Anonymous]

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@Anonymous wrote:

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According to CK, when the inquiry hit my score only dropped two points on TU. I don't know what my TU Fico score is. 

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The VS 3.0 shift you saw isn't very meaningful.  If you have a Discover account, or some other CCs you can get your TU Fico 8 score for free.