Just took a look at my Equifax Report. I have 2 installment car loans. They are both NOT reported to this bureau. Both loans are 2-3 years old. No lates. both balances are less than 10K each. I have about a 11 year credit history. Low 700 FICO w/Ifs. No negative items. To 2 factors effecting my score : Too many inquiries ( not to major to me right now ) Too many high revolving cc balances. Not too high, but according to them my score may go up 20 points if I pay in full in full ( through their FICO simulator ). Now, my question. 1)Should I request to have my lender report both of these car loans to Equifax ? 2) Would this improve my score ? 3) Would reporting both of the loans on my credit report, hurt my FICO ? 4) Should I just leave it a loan, considering my FICO is already pretty good ? Any input or advice would be great
If you have a good score, I'd leave it alone, 2 more installment loans "could" hurt you, more dept....for example to get a home equity loan, they required me to pay in full one of my auto loans, the fixed payment brings down your dept to income ratio....
