08-26-2012 02:07 PM
I recently got a mortgage so I know all 3 scores. Equ = 676, Exp = 721, Trans = 677. After I bought my home I got a $6,800 store credit card for furniture. The card balance is $6500. I have the funds to pay it off, but since it is 0% interest for 1 year I would prefer to hold on to the money. I should also mention that I received a bankruptcy discharge in March of 2010. I would greatly appreciate it if someone could answer 1 or all of following questions:
1. How much will it help my score if I pay off $6500 balance? I have two other cards with $1000 limit each and they have no balance, but I do use them to keep up the score.
2. Any idea how much higher my auto score will be than my regular score? I've had one auto loan and it was not included in bankrutpcy. Never late. Paid in full.
3. Do I have any chance of qualifying for the 0% interest rate specials the dealers offer?
4. It is listed as a "charge account" instead of "credit card" on credit report. What's the difference?
Thanks so much for the help!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO