I wanted to write this message because I wanted to find out how changes in my credit report will affect my fico score. That way everyone will get an idea. I just opened two new installment (personal) loan accounts. I also paid down high balances on revolving accounts down to around 5% overall, 2% on one account, 2% on the second account, and 2% on the third account. The fico score looks at the utilization on both the overall and individual revolving accounts. So my billing cycle date ends around the 28th of this month and around the 7th of August the changes will show up on the credit report. So I will let everyone know the impact of opening two new loans. On a last note I wanted to remind everyone that each time you open a new account it will lower the average account age which will affect your fico score.
There are two things that come into play. One, the high balances on revolving accounts is paid down to around 6% overall utilization. Second, two new installment accounts have been opened. Third, I do not know what the impact is at this time.
