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Regular Contributor
nosxih
Posts: 137
Registered: ‎09-03-2007
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Will paying off Conn's lower my score?

[ Edited ]
I have been reading that paying off a non-revolving account can sometimes kill a score.

I want to pay Conn's off because of the high monthly interest but I don't want to take a score hit either.

Maybe I should just pay down my care credit instead? it is at 3200 of 3500 @ 0% and interest kicks in on 12/14 of this year.

I was going to pay Conn's balance of $800 and the rest of the stimulus check ($1600) to Care Credit.

which way is better?

Message Edited by nosxih on 04-28-2008 08:13 PM
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fused
Posts: 16,374
Registered: ‎03-12-2007
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Re: Will paying off Conn's lower my score?

Welcome to the FICO Forums! I noticed you seem to be having some trouble posting. It is possible to edit your own post if you have posted an incomplete message. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you have accidentally posted a duplicate message, you can use the “Report Abuse to a Moderator” link to asking the moderation team to remove one for you. To find this link, go to the duplicate post, click on "Options," then select "Report Abuse to a Moderator" from the drop-down menu. If you need any help with anything, let me know. Thanks for your contribution to the FICO Forums!
 
 
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Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Regular Contributor
nosxih
Posts: 137
Registered: ‎09-03-2007
0

Re: Will paying off Conn's lower my score?

Yep. Hit enter after typing the title and it posted the message. Habit I guess to hit enter after a sentence. Thanks for your advice!
Regular Contributor
mbush12
Posts: 160
Registered: ‎03-08-2008
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Re: Will paying off Conn's lower my score?

I have an account with Conn's.  I asked at the time of getting the account if they report to the CRA's.
I was told that they didn't unless you defaulted. I have not seen them go onto any of my reports. I thought this was funny at the time because one of their biggest selling points to my husband and I was that this account would help our credit.
 
I have been repaying them at higher than the expected payments because we get 12 months free interest and was told by the rep on the phone that I was not helping my credit by paying my account off ahead of time.  When I asked how this would hurt my credit when they dont report to the CRA's unless you default, she wasn't sure what to say and told me she we talk to a supervisor and call me back.  I waited by the phone (haha) and never got a call back.
Regular Contributor
nosxih
Posts: 137
Registered: ‎09-03-2007
0

Re: Will paying off Conn's lower my score?

I have a paid off Conn's account (all three CRA's)  which was not really paid off but closed due to a new account being created when we had to get a new fridge. But it is showing up as closed/paid/no baddies.
 
Then I have the new account which was opened when I bought a fridge and they just rolled the balance from the old account into the new. Also reporting on all three CRA's.
 
They report every month. I have never been late and pay 100 instead of 66 per month but even with the extra payments my balance still does not move. I want it paid so I can free up that monthly cost.
 
I am worried however, that my scores will be affected when this account closed due to a zero balance.
 
I have a new citifinancial personal unsecured loand that is about to start reporting so with the new account ready to start reporting and the Conn's potentially closing I don't know WHAT will become of my current scores. (which are already a pathetic 577 EQ and low 600's for the other two.
 
 
 
 
 
Regular Contributor
mbush12
Posts: 160
Registered: ‎03-08-2008
0

Re: Will paying off Conn's lower my score?

Dang, I wish they would report mine because it would definitely help my score. 
Regular Contributor
SisterGirl
Posts: 200
Registered: ‎11-17-2012
0

Re: Will paying off Conn's lower my score?

(Bumping for someone that could use this information)....

 

Conn's is a crazy piece of work indeed ! I recently discovered there is 2 different types of credit account: GE Capital or "in-house", The difference is the in-house account is reported by Conn's as a "secured" account & you pay them directly with a payment book (like the old Fingerhut back in the day) , versus through GE Capital (comes with physical card & you pay GE instead). Once you pay them, they close the account & if you buy another item...it starts a "new" account (completely absurd....if you purchase something while there is an active balance on an open account, you can simply ask them to "add" the item & they will send a new payment book with the combined amounts due).

 

You can finance for  either 12/24/36 months, but I've never had a reason to go beyond 12 months myself....YMMV

 

SisterGirl

SisterGirl

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