@CreditBob wrote:Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount.
@CreditBob wrote:Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.
@SouthJamaica wrote:
@CreditBob wrote:Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.
@SouthJamaica Does that include mortgages?
@JFox418 wrote:
@SouthJamaica wrote:
@CreditBob wrote:Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.
@SouthJamaica Does that include mortgages?
Yes, aggregate installment utilization percentage includes all open installment loans, including mortgages.
@SouthJamaica wrote:
@JFox418 wrote:
@SouthJamaica wrote:
@CreditBob wrote:Has anyone had any experience that paying down the original vehicle loan by 31%, whether or not it had a Fico score increase? If not, how much would have to be paid down?
If it's your only open loan, you would get a significant boost in your FICO 8 and 9 scores when the loan gets paid down to 9% of the original loan amount. If you have other open loans, you have to look at the aggregate; you would receive a boost when your open loans, in the aggregate, get down to 9%.
@SouthJamaica Does that include mortgages?
Yes, aggregate installment utilization percentage includes all open installment loans, including mortgages.
Gotcha, welp I won't be seeing that %9 aggregate for a looooooooong time 