I'm reposting my thread here. I may have previously entered it as a reply on another forum topic. Anyhow my question pertains to cc reporting and how it will affect my current scores. I currently have only one cc reporting timely and at or below 9% ut. I have 3 other accounts 1 retail card issued through wf with 0 balance an auto loan and a student loan both in good standing. My score simulator notes an increase if I pay the cc to a 0 balance and factors on my report indicate "to many accounts with balances" . Is the wf retail card technically a credit card even though it can only be used to make purchases at the retail store exclusively? It would seem not because it was paid on an istallment type agreement. So if I pay down the cc balance to 0 and wf retail card also has a 0 balance will my ut be @ 0 across the board and ding my current scores? I am curious enough to try this scenario but I'm so close to crossing into "760" territory and will be appying for a home loan within 2 months. I'm sure that is not long enough to get back up if I hit a bump on the way. Any replies on the topic are appreciated.
Generally store cards are revolving, so it would count as a revolving line (similarly to a CC).
$15000 ........... $12500 ............ $11750 ............ $10000 ........... $9400 ............ $5000 ............. $5000 In the Garden until at least November 2015
Great! Thanks for the positive reply. I may have topped off my scores in the mid 700's then. For now. I worked very hard to get them here since I began repairing and rebuilding (8yrs. +). Time to age current accounts now!
