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Installment Loan Util

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Valued Contributor

Installment Loan Util

Hi All, 

 

I know each profile can be different, and scoring models can vary, however I am wondering if we have any evidence that taking an installment loan Util from 28% down to 18% may gain any points.  I know that going down to 8.9% or less can gain points, however wondering if going below 19% could do anything.  I just made a decent sized payment, taking the util down to just below 18%, therefore hoping for some Fico love.  Thoughts?  

 

Thanks! 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Dec 2019: EX8: 850; EQ8: 850; TU8: 850 -- Middle Mortgage Score: 824
In My Wallet: Discover $73.7K; Cap1 Venture $39.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $19.5K; Cap1 Plat $8.4K; Barclay $7K; BoA Plat $21.6K; Citi TY Pref $19K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $273K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 1 of 5
4 REPLIES 4
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Valued Contributor

Re: Installment Loan Util

I have not read anything to date about gaining a FICO scoring advantage on an installment loan until you get to 8.9% or less of the amount originally owed.
















Your FICO credit scores are not just numbers, it’s a skill.

Message 2 of 5
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Valued Contributor

Re: Installment Loan Util

Thank you, Medic.  I thought that might be the case.  I am planning to take the balance sub 8.9% in about two months, so looking forward to perhaps seeing a few points then.  

 

Thanks again!  

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Dec 2019: EX8: 850; EQ8: 850; TU8: 850 -- Middle Mortgage Score: 824
In My Wallet: Discover $73.7K; Cap1 Venture $39.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $19.5K; Cap1 Plat $8.4K; Barclay $7K; BoA Plat $21.6K; Citi TY Pref $19K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $273K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 3 of 5
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Super Contributor

Re: Installment Loan Util

Is this your only open installment account?  Until we know that it's not possibly to predict what will happen.

Message 4 of 5
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Super Contributor

Re: Installment Loan Util


@EW800 wrote:

Hi All, 

 

I know each profile can be different, and scoring models can vary, however I am wondering if we have any evidence that taking an installment loan Util from 28% down to 18% may gain any points.  I know that going down to 8.9% or less can gain points, however wondering if going below 19% could do anything.  I just made a decent sized payment, taking the util down to just below 18%, therefore hoping for some Fico love.  Thoughts?  

 

Thanks! 

 


In my personal experience it did not. Only when I got down to 9% did I get a significant bounce.


Total revolving limits 649500 (568000 reporting)
FICO 8's EQ 710 TU 733 EX 717



Message 5 of 5
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