Right now, I don't have installment loans and don't have a need for them anytime soon. The only thing I have is my credit cards.

Yeah hjm, but installment accounts does not have a high impact on your scores like cc's and loans because it is due to close at a certain time or once it is paid.

When I played with the simulator on installments, scores only moved by 2 pts or a or 3 when I selected to pay it off.

If it's reporting as an installment loan, it will actually increase your FICO scores because you have a good mix of credit on your report and having an installment loan is one of them.

I was wondering about this also. I applied for a private student loan through Chase, and it is showing on my credit report as a "Personal Unsecured Loan!" I was wondering was that using up my util also or was it a good trade line

That is weird how they labeled it, but I would think it will be good for your credit in the long run because it is installment.

I had a car loan through Bank One from 1999 and paid it off in 2003. Well Bank One and Chase merged in 2004-yet on my credit report it shows it as Chase Home Finance. Good grief! It does report it as an installment and an auto loan but why they put Home Finance is beyond me.

Well, it would be considered a revolving line of credit, similar to a credit card. It is counted in the revolving section of usage and limits. It wouldn't be an installment.

I was wondering about this also. I applied for a private student loan through Chase, and it is showing on my credit report as a "Personal Unsecured Loan!" I was wondering was that using up my util also or was it a good trade line:worried:

Jay1, why do you want to combine both accounts? The purpose of having an Orchard Bank card is to build history on your report. I suggest that you cancel your request because if the request does go through, you will have only one account in good standing instead of two.

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Not only that but there have been reports of people combining cards but not getting the full cl of boths cards. They won't tell you what your new cl wil be and they don't guarantee any $$ amount.

I just got a $100.00 credit line increase on both of my Orchard Gold cards "wich I had to pay $25.00 for". I then called back and asked them to combine the accounts and was told that they would send me a letter in the mail to let me know if this was approved. Has this happened to anyone else?

I agree with HJM...Orchard is only good for getting better cards. I understand wanting a higher credit line but all in good time.

Jay1, why do you want to combine both accounts? The purpose of having an Orchard Bank card is to build history on your report. I suggest that you cancel your request because if the request does go through, you will have only one account in good standing instead of two.

I just got a $100.00 credit line increase on both of my Orchard Gold cards "wich I had to pay $25.00 for". I then called back and asked them to combine the accounts and was told that they would send me a letter in the mail to let me know if this was approved. Has this happened to anyone else?

Would a LOC (Line of credit) be counted against your credit card utilization?

Well, it would be considered a revolving line of credit, similar to a credit card. It is counted in the revolving section of usage and limits. It wouldn't be an installment.

Would a LOC (Line of credit) be counted against your credit card utilization?

hello everyone.... i just received 5k personal loan offer from citifinancial to which i have no no experience with. have anyone done business with them?

Read it carefully, it may say personal loan with fixed payments but it might really be a line of credit. Bank of America tried that on me but the more I read about it, just a line of credit. If you are seeking installment trade lines be careful that this could be the line of credit. They used to call it Citi Flex.

Good move!

If you don't need it, then forget about it especially with the recession right now.

you're right the shredder is about to go to work.

If you don't need it, then forget about it especially with the recession right now.