r92503lind wrote:
Generally speaking does paying off loans and opening up new installment accounts increase your score by showing a payoff?
I know account history is a variable but not including this factor I am wondering if by taking the hit for the inquiry to get the new loans if it would pay off after two to three months.
Any thoughts??
I wouldn't expect much in the way of increases or decreases to your FICO scores. Perhaps in the long run, having paid installment TLs on your CRs would help your credit mix but no one really knows how many points you might gain from this.
I am not a big believer in applying for credit/loans just for the TL. If you don't need the credit card or loan, why apply. I am certain someone else will chime in here and disagree with me.
Message Edited by fused111 on
07-28-2007 07:08 AM
