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@Anonymous wrote:Personal loan; so installment
I disagree! The OP states his cc's are near maxed out. If he/she takes the money from the loan and pay the cc's as close as possible to 1-9% util, there should be a sizable score increase. In my experience with new installment loans, I hardly suffered a drop in scores. Util on revolving TLs carries much more weight than on installment TLs.
@smallfry wrote:
@Anonymous wrote:Personal loan; so installment
Revolving will improve but you will most likely see installment debt too high since once the account is opened it will be totally utilized. Better scenario for your scores though.
@fused111 wrote:I disagree! The OP states his cc's are near maxed out. If he/she takes the money from the loan and pay the cc's as close as possible to 1-9% util, there should be a sizable score increase. In my experience with new installment loans, I hardly suffered a drop in scores. Util on revolving TLs carries much more weight than on installment TLs.
@smallfry wrote:
@Anonymous wrote:Personal loan; so installment
Revolving will improve but you will most likely see installment debt too high since once the account is opened it will be totally utilized. Better scenario for your scores though.
I use to pay attention to comments like that but they seem meaningless. Even with comments like the one you are mentioning, they do not impact scores, well FICO scores that is. I just ignore the comments, especially the one's at TC.
@smallfry wrote:
@fused111 wrote:I disagree! The OP states his cc's are near maxed out. If he/she takes the money from the loan and pay the cc's as close as possible to 1-9% util, there should be a sizable score increase. In my experience with new installment loans, I hardly suffered a drop in scores. Util on revolving TLs carries much more weight than on installment TLs.
@smallfry wrote:
@Anonymous wrote:Personal loan; so installment
Revolving will improve but you will most likely see installment debt too high since once the account is opened it will be totally utilized. Better scenario for your scores though.
No doubt. My point was he will most certainly see that comment on his reports. His score should go up though I agree. My new car loan forces the installment debt too high comment because it is new and by virtue of that fact is nearly totally utilized. If I paid a good portion down on the car loan I am sure that I wouldn't get that message.
They will slowly, if you pay on time for years.
smallfry wrote:
I don't even look at the FAKO scores at all. I think FICO likes to see installments but doesn't really reward them too much.
@fused111 wrote:They will slowly, if you pay on time for years.
@smallfry wrote:
I don't even look at the FAKO scores at all. I think FICO likes to see installments but doesn't really reward them too much.