05-05-2012 06:01 PM
Currently, I have 3 Installment accounts (2 car loans and a personal loan) and 2 Installment account (2 credit cards). No lates, always paid on time. Credit cards are at 10% utilization.
Soon, I will only have 1 Installment account, as 1 car loan and the personal loan will be paid in full within the next 2 months. How will this affect my credit score? Should I try to get another credit/charge card? Any suggestions would be greatly appreciated!!
05-05-2012 08:07 PM
Are your current CCs secured, unsecured, store cards, or bank cards?
If both are bank cards, then they probably satisfy your basic scoring needs, but if store cards, it would be helpful to have at least one bank card.
05-06-2012 07:31 AM - edited 05-06-2012 07:32 AM
Paying 2 of the three installment loans down to $0 won't likely impact your FICO. I assume you meant you had two revolving, as opposed to installment? I bet you can hit upper 700s/800 with what you have. I don't know your goals though.
ETA....it looks like you have some baddies holding you back. I'd focus on those too.
05-07-2012 09:05 AM
They are both unsecured cards- Cap One $300 and CU bank card $1500
My sorry for the type-o...I meant 3 installment (2 car loans and personal loan) and 2 revolving (Credit cards).
As far as my goals, I would really like to have a 700+ score, but I know it takes time. I really messed up my credit a few years ago and have been working hard to clean it up. I have no outstanding debt, except for the 5 accounts listed above. All have been paid on time. However, because of my carelessness when I was younger, I have 4 CO and 2 CA on my credit report. All have been paid and have a 0 balance. I really wish I would've found this site before paying them off, as I could have tried a PFD for each baddie. I'm on my second round of GWs to hopefully have them removed.
05-09-2012 12:22 PM
You really need to keep with the GW of all of those baddies.
I'm sure your score would boost if ALL of them were to be removed.
Follow my financial journey: http://www.frugalrican.com
05-09-2012 01:08 PM
Keep trying for the GW adjustments (i.e., don't take no for an answer and be persistent). I think that will help your score quite a bit! Good luck!
05-10-2012 04:33 PM
Wooohoooo!! Just updated my credit score and had a 20 point jump!! 1 CA fell off from my 2nd round of GWs!! Thank you to everyone on this forum!!!
I just realized that my original question from this thread was never really answered....should I go about getting myself another CC, as 2 Installment accounts will be falling off soon?