Will this limit increase improve my score?

[tduke]

I got pre approved for an FHA loan at 3.75%!I'm ecstatic!!

[Lel]

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@tduke wrote:

I got pre approved for an FHA loan at 3.75%!I'm ecstatic!!

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Outstanding!  So much angst, but a great outcome.  Still, you should monitor your reports to make sure that that dispute comes off before it goes to the UW for final approval.  Good luck!

[sailgirl123]

So, am I understanding that we need to pay off the balance prior to the statement posting, not,prior to the date payment is due?  How do you know the statement posting date?

Thanks so much!

[tduke]

You can find it on your statement. It usually has the statement closing date (just a date), or statement period (a 30/31 day period). From my understanding, whatever balance you have on that last day is what gets reported to the credit agencies.

[sailgirl123]

Thank you. I am new to this. Having no debt is not helpful to your credit score, at least, that is what I am learning.

[rckstrscott]

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@sailgirl123 wrote:
Thank you. I am new to this. Having no debt is not helpful to your credit score, at least, that is what I am learning.

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Well, it isn't that no debt isn't helpful, it is just you need to have credit established to have a credit score. You can have a wonderfully high score without carrying high debt, you just need to have long established credit and a history of responsibility with it.

-scott

[germaine47]

I disputed the balance with one of my cards and one of my conditions was to either get the dispute removed or close the account with a $0 balance.  I tried to get the CC company to remove but they wanted me to send a copy of my credit report to verify.  My file was at the underwriters and I chose to pay in full and close the account I was in UW for about 10 days.  What I should of done was call the credit card company to report the correct balance, in which I ended up doing anyway.