by what % will my cd increase my score ?

[Anonymous]

i was told that if you have a bank account for 3years+  that it will increase you score and when a cd matures it can also improve said score, but i want to know by how many points... my current score is 649 and im trying to by a home before the rebate dead line. if i could gain 11more points it would lower my rate....... please help ANY advise would be a g-d send.

Message Edited by Beloved on 06-24-2009 01:57 AM

[smallfry]

Greetings. You should take a few moments to read credit education and what is included in your reports and scores. Savings don't count.

[haulingthescoreup]

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Beloved wrote:
i was told that if you have a bank account for 3years+  that it will increase you score and when a cd matures it can also improve said score, but i want to know by how many points... my current score is 649 and im trying to by a home before the rebate dead line. if i could gain 11more points it would lower my rate....... please help ANY advise would be a g-d send.

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Hi, welcome to the forums!

As smallfry said, your checking, savings, and CD's have nothing to do with your credit. They're not on your credit reports, and therefore they do not affect your FICO scores. It is possible that a lender might have an internal scoring system that looks at your banking history, income, occupation, etc along with your credit history and FICO scores to decide on approval, but that's different.

Where did you get your 649 score? --pulled from what website, which credit bureau, etc. Your mortgage lender will pull all three of your FICO scores --Equifax (EQ), TransUnion (TU), and Experian (EX.)

btw, those are the abbreviations that we use here. Standard abbreviations for Equifax and Experian are EFX and EXP, which can get incredibly confusing.

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

[Anonymous]

Thank you both. iv done the research but with here say and all  just wanted to make sure. i subscribed thru TU but found it too costly for the amount of activity i was having, for a 24year old im pretty good with my $ so once a year will normally do.  but thanks again for the clarification  ;^}