I'm trying to get a new mortgage. I know reducing the amt owed on cc will up my fico but what about reducing the amt on installment accts? I have two installment accts that total about $5,000.00 that I want to pay down substantially only if it will help my fico score. Thanks in advance for your input!
I believe on installment accounts it is length of time account has been opened and how it corresponds with the total debt load. You may have a FICO reason of high amount of debt even though your utilization is low.
