Your VantageScore reason code report

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P74: Amount of balance paid down on open installment accounts is not too low

Explanation:

An installment account is one with a fixed monthly payment for the life of the loan. Auto loans and student loans are common examples of installment loans. The amount that has been paid down on your open installment accounts is high. Paying down a high amount of your installment loans increases your score.

What you can do:

As monthly installment account payments are made, a portion of the outstanding principal balance is reduced, benefitting your score. Whenever possible, further pay down balances on your accounts. Over time this will also have a positive impact on your score.
 

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