Does this hurt your SCORE?

[Anonymous]

The remaining balance on your mortgage non mortgage or installment loans is to high.

I got to skip a $222 car note for christmas now I get that on myfico it's my only negative factor besides short credit history. How much does it affect score.

[azguy13]

Are you saying you missed a payment which resulted in a 30-day late or are you saying that all of your accounts are positive and myFico is telling you that your installment loan balance is too high which may be affecting your score?

[Anonymous]

All of my loans are positive but my bank let me skip a car payment so instead of owing $11788 I still owe $12000 so since my loan balance did not decrease I now get this negative factor so does it hurt my score alot

[azguy13]

No, since all the tradelines are positive I am pretty certain it is not hurting your score. At least, I have never heard of that happening. 

[Bankrupt2019]

That "factor" means nothing other than the amount owed is still relatively close to the amount borrowed. theres always going to be a "factor" listed until you cannot improve your scores anymore.

No,skipping a payment as approved by a lender with no negative reporting will not hurt your scores.

[Anonymous]

NO 

[Anonymous]

As mentioned, all they are saying is that the current balance is a higher percentage of the original total. As you pay down the loan, that will eventually change. I get the same thing on my motorcycle loan as I have only paid @ $1000 out of $6400 so far. Just keep making payments and it'll take care of itself. (I'm not sure what "good" is, under 50% maybe?)

[takeshi74]

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@Anonymous wrote:
The remaining balance on your mortgage non mortgage or installment loans is to high.

I got to skip a $222 car note for christmas now I get that on myfico it's my only negative factor besides short credit history. How much does it affect score.

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As the message states it's the balance / loan that matters -- not the one payment.  I have the same message due to a relatively new car loan opened in 2014 but my FICO 8's are over 800.

Short history is probably the bigger factor in your case though it's difficult to really say without more details about your credit profile.

[BallBounces]

myFICO does not prescribe to the old saying: "If you've nothing nice to say, then say nothing at all." 

[Thomas_Thumb]

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@Anonymous wrote:

@Anonymous mentioned, all they are saying is that the current balance is a higher percentage of the original total. As you pay down the loan, that will eventually change. I get the same thing on my motorcycle loan as I have only paid @ $1000 out of $6400 so far. Just keep making payments and it'll take care of itself. (I'm not sure what "good" is, under 50% maybe?)

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The messages can be rather misleading. I had a couple associated with an EQ Fico 4 bankcard score last November:

1) Balance on loans too high (only one loan, a mortgage at 41% remaining)

2) Recent new credit (most recent account added over 4 years ago & 1 HP for a CLI 16 months ago).

If score is below a certain threshold, a couple reason statements must be provided. However, what is listed may not equate to a factor needing attention.