Board, I would like to solicit your advice. I presently have a number of installment loans with my credit union. They are all secured loans which have terms of 24 months. I have had the loans for 5 months now and therefore have 19 months left to pay. They have all been paid perfectly. I have been noticing that the reason codes on my credit scores are now stating that my installment balances are too high. As such, I am wondering if I should accelerate my repayment of these loans so that they are paid off in say 12 months instead of 24 months. Would this be a good idea? Would I be losing too many FICO points by doing that rather than say paying them off in 18 months? Any advice? Help! Thanks in advance. -chriscraft
Hey, Cypri! I thought you were still out on vacation! Glad to see you are back. Hope you are well. I'll send you an email on the side. I haven't forgotten about you. Take care! -chriscraft