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Regular Contributor
Posts: 205
Registered: ‎06-04-2012
0

CLI and installment pay off

While checking CK this morning, I found out my Old Navy auto CLI'd from $200 to $400  (4th statement just cut).  And while online I paid off my car loan.  I still have another open auto loan reporting on EX and EQ.  Neither the cli or paid off installment loan will probably do anything to increase my fico score, but still it's nice to be reaching my financial goals.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Moderator
Posts: 13,892
Registered: ‎04-15-2011
0

Re: CLI and installment pay off

The CLI, although small will increase your util if you have any posted revolving debt.  And yes, although they may not affect scores that much, they are positive financial gins.  Congrats!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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Regular Contributor
Posts: 205
Registered: ‎06-04-2012
0

Re: CLI and installment pay off

Thanks shogun!  The CLI won't help util, as I already keep that at 1% or less, but it will help with Xmas spending -- only for free shipping and bonus bucks though.  Other than hopefully getting a mortgage in the next 6 months, we like to 'use' credit but remain debt free.  And paying off the car, once sold, will go a long, long way to our 20% down payment.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Moderator
Posts: 13,892
Registered: ‎04-15-2011
0

Re: CLI and installment pay off

It will also help with your DTI not having that payment on your reports.   Win/Win.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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