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installment loan bad?

Discussion in 'Credit Talk' started by mark, Aug 18, 2002.

  1. Aug 18, 2002 #1
    mark

    mark Well-Known Member

    does having an installment loan you still owe roughly 75% on bad when applying for cc's?
    would my chances of acceptance improve when the payoff amount is below 50% of the total loan?
     
  3. Aug 18, 2002 #2
    jrjr35

    jrjr35 Well-Known Member

    FICO encourages a mix of credit, but i'm not sure.
     
  4. Aug 18, 2002 #3
    LKH

    LKH Well-Known Member

    I don't think the amounts are what matters. I think just the listing of an installment loan (finance co.) may hurt. I just had my new car loan report for $19,000 and I didn't lose a point on any report.
     
  5. Aug 18, 2002 #4
    mark

    mark Well-Known Member

    this loan is my car as well. its just about the only credit I have. aside from the derogs.
     
  6. Aug 18, 2002 #5
    sam

    sam Well-Known Member

    car loans help after they mature about 9-10 months

    i see it on my equifax as as + indicator.
     

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