@JasonBourneOfCredit wrote:
Confused about what my annual equifax says about my 1 installment loan. It started out around $9k and now I have about $3200 left to pay. Why does equifax say "89%" under installment and what does this mean for my score?
PHOTO of problem:
http://i42.photobucket.com/albums/e303/wr200/photo-28.jpg
Thanks
This just means that 89% of your total debt is installment and 11% is revolving debt.
And even though installment utilization is scored it's such a tiny part of your score as to be insignificant. Revolving credit utilization is the big driving force in scoring. It's the second biggest part of your total score (30%) next to payment history (35%).
Edited for a typo.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
