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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 balanceMy 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!
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!