Installement loans do have balance-to-original loan amount ratios which affect your score. However, it does not affect it nearly as much as CC utilization percentages.
You will get FICO gains as your installment loan is paid down, and will net best gains once you pay it below 65% of orginal loan balance.
Hi txjohn, thanks for replying! I know that installment loans do factor in credit scoring but not like cc's do. I re-read my post and noticed it sounds like I was all over the place with my post. Here are my questions:
1. Since util went from 115% to 85% for total util (installment & cc combinded) should I expect a score increase?
2. Since util on installment went from 211% to 100% should I expect a score increase?
3. There were 2 closed accounts (showing from original creditors "bad debt/collection account transferred or sold-charge off account") that were deleted, should I expect a score increase? Both of these account were "red flagged" through FICO due to the 1st account reporting 1-30 day, 1-60 day, 3-90 day lates (May 05, Apr 05, Mar 05). The 2nd account reporting 1-30 day (Jan 07), 1-60 day (Feb07).
Okay, I went ahead and pulled a report from EQ and I did increase in score...+27 points! It was bugging me too bad, so I went ahead and paid to show for my own eyes to see. That was the only changes that were made since my last report. I have the daily pulls with the 3 in 1 with EQ, so I know that since my last report (04/18) those were the only changes.