I feel sooooooo much better now you got the accout re-opened.
Great save-
- What is the ideal number of total accounts to have open? (inclusive of store cards, credit cards, personal loans, car loans, and mortgages)
Ideal? Here is my mix of open accounts (Using the actuals not reported)
1 mortgage,1 HELOC, 1 Auto, 2 Student loans, 1 store card, 8 CC's, 1 Open (PIF) card
my Revolving UTL is less than 3%.
Ideal-IMO 1 mortgage, 1 Installment (35%+ paid off) 3 Major CC's, 1 store card
- Is there a significant difference between a 730 score (what I have now on average)and an 800 score(what I hope to have)? What can I get with an 800 score that I can't get now? Just lower rates? At what point do I stop worrying about this?
When scores get over 760 - you are pretty "golden" for the best rates and terms-
IMO- if your UTL was down, you could easily be in the 800 range.
- How does a new car loan work in relation to all this? Lets say that I am able to meet my goals and bring my total debt under $10000 and am interested in a new car loan of $25000...if I purchase a car for $25000 and make a $5000 down payment, does that mean that the utility on the car loan is 80% right off the bat, and starts hurting my credit? Or does that somehow work differently?
Installment works different- and utl is affected but only a small amount.
Now - nothing says you can not go and seek a CC with a high limit and BT some of your balances to a lower APR. (Just don't close the old account)
Saving $ trumps FICO scores.
