I didn't say mix doesn't count. My reply was specific to util and paying of the balance.
Probably wont make much (if any) of a difference.
I need to know which scenario will raise a FICO score higher/quicker: 1. Sell vehicle and pay off car loan (4 payments remaining). Loan will showing as paid off which is less debt owed, but there will be no more "on time payments" history on this account. 2. Keep vehicle while continuing to make payments on time.
Message Edited by Tuscani on 08-21-2007 03:53 PM
Can you point me towards where it states by FICO that a paid installment (car loan) doesn't count towards your mix of credit? It would seem that having a paid for car loan would count as long as it appears on your reports.
Hi, I have a question regarding debt pay-off order and its affect on my credit score:I have the opportunity to pay off ~10 K in debt in the next few months. As I'm looking to purchase a home in February, I was wondering which of the following options would give me a bigger boost in my credit score (or if it won't matter). Assume the following: I have 10K on a car loan (7.4% interest) and 10K on a credit card (0% interest, this particular card is very nearly maxed out). My score is currently ~720 depending on the reporting agency. By my estimates, with this balance I'm still under 30% of my total revolving credit limit ratio.Initial base logic dictates to pay off the car loan, as I will save ~$1500 in interest. However, since one is an installment account, and the other revolving, does it make a difference as far as the credit score? Will having one card nearly maxed out affect my score significantly if the overall ratio is under 30%?Or, are any changes to my score going to be so minscule that should I just say to heck with both of them and put the money towards the down payment?
SW is EQ only.
Is Equifax the only CRA on Score Watch? I purchased the other 2. How can I get notified of any changes to FICO score?