Installment Loan Balance?
Date: Wed, 04/22/2009 - 07:07
Your balances do affect your credit scores. But it depends on s
Your balances do affect your credit scores. But it depends on some things.
How much do you owe compared to the original loan amount?
Say you owe 20K but the original loan amount was for 40K. Then that actually helps your credit. But if you owe 20K and the original loan amount was 20K then that is hurting your credit.
I hope that helps.
how much of an impact does it have? i had defaulted years ago (
how much of an impact does it have? i had defaulted years ago (which has since been removed from my CR so no neg payment history) ...but there were a few years where i wasn't paying and had hardship delays (which they allow) ...but with interest and all i'm sure my loans are about where they were originnally (hard to tell since there are 4 different entries for my loan)...but let's just say i am at or near original balance...what kind of hit am I looking at?