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Utilization Question...

Moderator Emerita

Re: Utilization Question...

Andy77 wrote:
This is one thing that is holding me back from a higher score regarding the two installment loans:
Your FICO score weighs the balances of your non-mortgage installment loans (such as auto loan or student loans) against the original loan amounts. In general, when you first obtain an installment loan your balance is high, and as you pay this loan down, the balance decreases.
I guess that is saying my installment loan balances are too high....and this is dinging my score...I wonder how much?

What do you think?

I got the identical message when my car loan posted. I'm going to knock it down to 90% right away, and then see how much lower it will have to go (to what % util) with regular payments before the message goes away.

Woo-hoo! A new research project. Smiley Wink
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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