Hi everyone!
I’m new here, but have been reading some of the boards for the last few weeks. I'm not sure I'm posting this in the right section - please let me know if I'm not and I will try to figure out how to move it. I have a couple of questions that I’m hoping someone on here can help me with.
My EQ credit score has been at 767 for the last couple months, maybe longer, but I’m not sure because I only joined MyFICO in March. I only had 2 small limit credit cards that I opened to help build my credit– Capital One with a $500 limit and First Premier with a $450 limit. I’ve had the Capital One card since July 2004 and the First Premier card since March 2004. I paid both cards off earlier this year and have not used them since, but the accounts are still open. Also on my credit report, I have 2 other closed credit cards showing, one of which had a 30 day late in March 2008, and 2 car loans that were paid off years ago.
Last week, I applied for a car loan (used car, $19,000 for 60 months, but plan to pay off much sooner) and was approved for 2.24% (would have been 1.99%, but I didn’t want to sign up for automatic payments). At the time I applied, I was also approved by the same bank for a World Mastercard with a $10,000 credit limit and 10.99% interest rate. I got a score change alert today and saw that the credit card has started reporting and my EQ score has gone up to 788.
My questions:
1. Will it hurt my credit score if I close the First Premier account? I don’t use or need it and I don’t want to continue paying monthly/annual fees just to have it.
2. Should I keep the Capital One card since there aren’t any fees for it or close it because I don’t use or need it?
3. Will my credit score drop when my car loan starts reporting?
4. Any suggestions on how to get my credit score to 800+?
Additional details: I'm 28, only 1 inquiry on my credit report and that's from the bank whom I got the auto loan through.
Thanks in advance for any help/suggestions!
I’m new here, but have been reading some of the boards for the last few weeks. I'm not sure I'm posting this in the right section - please let me know if I'm not and I will try to figure out how to move it. I have a couple of questions that I’m hoping someone on here can help me with.
My EQ credit score has been at 767 for the last couple months, maybe longer, but I’m not sure because I only joined MyFICO in March. I only had 2 small limit credit cards that I opened to help build my credit– Capital One with a $500 limit and First Premier with a $450 limit. I’ve had the Capital One card since July 2004 and the First Premier card since March 2004. I paid both cards off earlier this year and have not used them since, but the accounts are still open. Also on my credit report, I have 2 other closed credit cards showing, one of which had a 30 day late in March 2008, and 2 car loans that were paid off years ago.
Last week, I applied for a car loan (used car, $19,000 for 60 months, but plan to pay off much sooner) and was approved for 2.24% (would have been 1.99%, but I didn’t want to sign up for automatic payments). At the time I applied, I was also approved by the same bank for a World Mastercard with a $10,000 credit limit and 10.99% interest rate. I got a score change alert today and saw that the credit card has started reporting and my EQ score has gone up to 788.
My questions:
1. Will it hurt my credit score if I close the First Premier account? I don’t use or need it and I don’t want to continue paying monthly/annual fees just to have it.
2. Should I keep the Capital One card since there aren’t any fees for it or close it because I don’t use or need it?
3. Will my credit score drop when my car loan starts reporting?
4. Any suggestions on how to get my credit score to 800+?
Additional details: I'm 28, only 1 inquiry on my credit report and that's from the bank whom I got the auto loan through.
Thanks in advance for any help/suggestions!
Hi Guiness,
Thanks for the advice! I will definitely be sending a GW letter to the creditor that reported me 1x30.
Have a great weekend!