General Question?

[Anonymous]

I recently purchased a boat, which I took a boat loan.Couple months later I purchased a jet ski, and they had promo, where you get 0% for 1st year. Since then I realized my FICO score dropped almost 100 points. (Was 730 now is 640) It shows on my report the jet ski promo is actually a credit card which I have a $10K limit and the jet ski I purchased was $9K. Could someone give me an idea if I were to re-finance my boat and jet ski and have (1) boat loan and pay off credit card, this would increase my FICO score by not having this credit card nearly max out? Or wouldn't it make a difference?

TP35

[Anonymous]

Your local credit union.
If you don't have one... there are lots on them online. CCCU comes to mind.

[Anonymous]

credit unions rock. cccu is a good one, as said above. good luck.

[Anonymous]

Thanks for your answer. Would you have any advise on scond part of my question? my question if I do refinance both the boat and jet ski taking the jet ski off the credit card, and then close the credit card, would that help my score?

I'm only assuming my score got hit hard because all of a sudden a new credit card was posted and 95% max out? Would it help changing that to a loan verses the credit card? or won't it matter since I still show same amount of money borrowed? no difference if it is a credit card or a loan?

Tom

[Anonymous]

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@Anonymous wrote:

Thanks for your answer. Would you have any advise on scond part of my question? my question if I do refinance both the boat and jet ski taking the jet ski off the credit card, and then close the credit card, would that help my score?

I'm only assuming my score got hit hard because all of a sudden a new credit card was posted and 95% max out? Would it help changing that to a loan verses the credit card? or won't it matter since I still show same amount of money borrowed? no difference if it is a credit card or a loan?

Tom

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tp, since you already have a cc with a great cl, why not keep it? If you DO refi the boat and jet ski, closing the cc account, would only hurt your score because of the lack of available utilization. imo, you should keep the card, AND refi and convert to an installment loan, which WILL help your scores. FICO likes to see a mix of credit instruments

[Anonymous]

This CC is with manu of jet ski, the promo was 5.9% for one year, after that it goes to 24.9%, I really have no interest in using that card, I just got it for this promo. But if i understand what your telling me your saying that if I change this debt from $9500 on a credit card to $9500 on a loan and close CC, it would help me out as far as Score?

[Anonymous]

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@Anonymous wrote:

This CC is with manu of jet ski, the promo was 5.9% for one year, after that it goes to 24.9%, I really have no interest in using that card, I just got it for this promo. But if i understand what your telling me your saying that if I change this debt from $9500 on a credit card to $9500 on a loan and close CC, it would help me out as far as Score?

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That sounds like a store card, as opposed to a Visa or MC. Only usable at those particular stores. I see now. Well if you plan on buying lots of stuff from them, I'd say keep it. Otherwise if its served its useful purpose no sense on having it, imo. From what I've learned here, the CRA's like to see a mix of credit instruments(revolving credit, installment, etc). And in that scenario, it would help your FICO scores....to have both. If that makes sense. Seems like I've been bitten with the senility bug today. lol!