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I have a couple of quick questions...

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Anonymous
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I have a couple of quick questions...

I noticed with my FICO scores, a score factor was I had too many accounts with balances.  I have one auto loan, and 2 credit cards , and a 1st and 2nd mortgage.  I've been keeping the UTL below 1% (I know, too **bleep**) for the past two months, and intend on doing so for another 10 months or so, to see how it affects the scores.  Would I be better off paying the cards off each month so the reported balance is zero?  And if I do this it will till show that the card is active and current, right?
 
My next question is, I read somewhere that inquires do not affect your score if you already an account with the creditor pulling your score?  Is this BS?  I work for a financial institution who I happen to have a credit card through, they are able to pull credit reports for me without loading an application, would this count against my score?  If not I could have all 3 reports pulled once every couple months for free if I wanted to. 
 
Last question.  My oldest active trade is 21mo (credit card), and I just bought a house (1st and 2nd mortgage).  I've got an auto loan that I'm really just carrying out to increase the payment history, should I just pay it off and have the mortgages and credit cards reporting, or should I carry out the auto loan?  I've made 5 on time payments with it so far, and I planned on paying it off in two years. 
 
Thanks guys!
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: I have a couple of quick questions...



WYjeep wrote:
I noticed with my FICO scores, a score factor was I had too many accounts with balances.  I have one auto loan, and 2 credit cards , and a 1st and 2nd mortgage.  I've been keeping the UTL below 1% (I know, too **bleep**) for the past two months, and intend on doing so for another 10 months or so, to see how it affects the scores.  Would I be better off paying the cards off each month so the reported balance is zero?  And if I do this it will till show that the card is active and current, right?
 
Let one of the cards report a zero balance
 
My next question is, I read somewhere that inquires do not affect your score if you already an account with the creditor pulling your score?  Is this BS?  I work for a financial institution who I happen to have a credit card through, they are able to pull credit reports for me without loading an application, would this count against my score?  If not I could have all 3 reports pulled once every couple months for free if I wanted to. 
 
Softs pulls do not count and INQ's from the same source are de-duplicated (only count once) but they will count for a longer timeframe.
 
Last question.  My oldest active trade is 21mo (credit card), and I just bought a house (1st and 2nd mortgage).  I've got an auto loan that I'm really just carrying out to increase the payment history, should I just pay it off and have the mortgages and credit cards reporting, or should I carry out the auto loan?  I've made 5 on time payments with it so far, and I planned on paying it off in two years. 
 
That's a tough call- most new home owners have a bunch of new expenses thet were not counting on (you must be lucky)
 
Get your Emergency fund built up and be saving for retirement first(fully funding IRA/401K)- Then pay that puppy off.
 
Thanks guys!



Message 2 of 4
Anonymous
Not applicable

Re: I have a couple of quick questions...

welcome! from a 2 x kj jeeper.

WYjeep wrote:
Would I be better off paying the cards off each month so the reported balance is zero? 
 
very debated around here. the main thing is that you are a pay in fuller, congrats.
 
And if I do this it will till show that the card is active and current, right?
 
yes.
 
My next question is, I read somewhere that inquires do not affect your score if you already an account with the creditor pulling your score?  Is this BS?
 
not bs, it's called the fico de-duplication feature. it doesn't generate a score hit, but it does/can register as a "hard" inquiry, and creditor's do take notice of excessive inq's.
 
I work for a financial institution who I happen to have a credit card through, they are able to pull credit reports for me without loading an application, would this count against my score?  If not I could have all 3 reports pulled once every couple months for free if I wanted to.
 
i'd make certain it was a soft inq and that it was not a vioalation of your company policy.
 
Last question.  My oldest active trade is 21mo (credit card), and I just bought a house (1st and 2nd mortgage).  I've got an auto loan that I'm really just carrying out to increase the payment history, should I just pay it off and have the mortgages and credit cards reporting, or should I carry out the auto loan?  I've made 5 on time payments with it so far, and I planned on paying it off in two years. 
 
do what save you the most dollars and let the fico points fall where they may.
 
Thanks guys!



Message 3 of 4
Anonymous
Not applicable

Re: I have a couple of quick questions...

Wow, excellent and prompt response, almost unheard of in the realm of online forums.  Luckily I did not have an unexpected costs, the town-home is brand new, so that took care of a lot of things upfront.  I've got a Sears card which I'll let report zero each month, I will charge small items and pay them in full each month.  I have a lot of things I want to accomplish in the next 5 years, and the better credit the more practical the goals will be.  I know my experian score is 727, I'm waiting on the EX and the TU scores to see where I fall.  Honesly, even if I can't get the scores for free at my job, I'm considering just having all 3 pulled every 6 months, I don't think the inquiries would hurt too much, and I thought about asking for a Visa increase anyway :-).  Thanks guys!
Message 4 of 4
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