Alright...I've managed to boost my overall scores almost 100 points since December 31st by paying down overall revolving utilization from 96% to about 15% now. THAT got me quite a bump over the intervening couple months (took a while for all to report on their own schedule). THEN, I called most of them and asked for a credit increase. I called three cards all on the same day...all had PP and pulled as an existing creditor...so don't know if that counted as a hard or soft? Okay...so before Christmas, I needed some dental work done and needed cash to do it. I applied for financing at the dental office (and I actually HAVE dental insurance...and I still need a LOAN for the part I need to pay!). I got granted the $4k loan...showed up as an installment loan. Paying/reporting fine with an OK interest rate. So...I know having an installment loan on you report HELPS your credit....or rather it's commonly listed as an ingredient in an "ideal" report. So my question is this....is there any advantage to paying it off immediately? It's recent, so it's not like I need the month after month of payment history to help anything. I guess I'm wondering if paying it off completely and having it show up as a "finished" installment loan would bump even a bit more? Anyone know or even have any anectdotal sense of it?
I've heard that you need to keep it for a few months, otherwise you will get the "Too new to rate" line...
