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installment debt

Discussion in 'Credit Talk' started by tom65432, Nov 27, 2001.

  1. Nov 27, 2001 #1
    tom65432

    tom65432 Well-Known Member

    Does installment debt affect FICO scores differently than revolving credit? I found that payment of about $700 in credit card debt will get me an additional FICO point. Payment of $6,000 in installment debt got me only one FICO point.
     
  3. Nov 27, 2001 #2
    CardKid

    CardKid Well-Known Member

    Which debt is older? The credit card debt or the installment debt.

    CardKid
     
  4. Nov 27, 2001 #3
    OtherTerri

    OtherTerri Well-Known Member

    What were your total balances on the two debts before the payments? And your total revolving debt?
     
  5. Nov 27, 2001 #4
    tom65432

    tom65432 Well-Known Member

    Credit card debt is less than two years old. Installment just over two years.

    Total installment debt was $26,000; now is $20,000. Total credit card debt was $63,000; now about $62,300.
     

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