Credit card debt vs personal loan debt

[Anonymous]

So I am guessing that if I have say $75,000 available and only a couple thousand charged, my ratios will still shine as far as revolving is concerned.

However I am getting ready to have a rash of personal loans hit all at once (3) totaling over 150k in which case I know that my overall score will plummet from 775 to low 600 like an anvil from the sky. Add that to some recent retail purchases already keeping fixed balances high and well, I’m not gonna look that hot in the next week or so.

But my question is this, even though my overall score will tank, is it possible that the particular credit card score model, say one used for bank cards, could still shine?

Is it even possible to have, say a FICO 8 of 625 but a FICO for bank cards be a 775? My biggest fear is that when my credit card companies do the occasional SP’s just checking things out occasionally, they will see my score has dropped and lower down my limits. Which is why I am hoping that when they do the occasional looksee that they are using a bank card model

[Kree]

As far as I am aware, installment loans do not greatly effect your score, other than their tradeline effecting AoOA AAoA and/or AoYA and in a smaller part inquiries.   I mean the balance remaining to initial balance does a bit, but not as much as the rest.

Why do you feel like your score will plummet?

[Anonymous]

I just naturally assumed (maybe not after reading your post) that anytime somebody takes on new credit and a new account has been added you score would drop some. And since I have three of them all at once with one of them being a high balance, I couldn’t help but think that way.

I know when it happens with my credit cards it has a MAJOR affect. Meaning that if I have $20,000 available and charge 18k the anvil thing happens LOL.

So are you saying that fixed or installment loans are not critiqued and or they are not as harsh on your score as credit cards??

If so that would be the best news I have heard in a long time and makes me smile as my biggest fear was watching my score literally vanish as these loans started to post

[Kree]

If they did, every student would be in trouble.  for example I have 100k over 16 loans.  Got 2 new ones each semester. Never took more than a few points off when I got them.

CCs are a very different beast, so don't sweat it.

[HeavenOhio]

Installment debt won't clobber your score at the level that credit card debt will. I suppose that's because credit card debt is a "help yourself" situation. In contrast, each installment loan has to be cleared by a computer and/or banker and fit comfortably into one's income and budget.

[Anonymous]

WOOOOOOW! I just learned something new and that’s very very good news. Now the other question I had, out of curiosity now only, possible to have two conflicting scores? One that’s horrible like say a 600 FICO Mortgage and the other spectacular, like 780 Bankcard?

[Kree]

My biggest score gap was 616 Auto8 and 694 Bankcard 9 (TUs).   An Autoloan 30d late was erroneously on my account, and it affected auto8 a lot more I guess.  I think I've heard of 100 point gaps. Not sure about larger ones, but certainly possible.  My largest "clean" gap is about 40 points.

[Anonymous]

That’s a pretty big gap so does that verify it’s possible.

Just kind of upsets me that Chase did a HP before they found out they couldn’t verify me...

[Anonymous]

Even though it's installment loans being added, I would think that adding 150,000 debt would have some kind of negative effect on one's score since it would increase risk.

OP, would you keep us posted on this as I'm curious to see.

[Anonymous]

Absolutely! The many inquires set me back anywhere from 10-20 already depending on what bureau and situation. For FICO 8 model that appears after you sign in, after inquiry deducts, I’m at 754 775 and 730. Experian of course hit me the worse. TU has always loved me lol.