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Established Member
Posts: 19
Registered: ‎09-22-2008
0

change in fico score

i currnetly have myfico scores of 729 on transunion and 711 for equifax, and am seeking your estimates of how my scoring will change before seeking a new auto loan.

 

i have two recent inquiries and new accounts added in august, 2012 for a new visa credit card (authorized limit of 10,000) and an home installment loan with a balance of 135,000 used to refinance a home mortgage loan previously at wells fargo mortgage.  this current installment loan has a interest rate of 3.74%.

 

on my transunion fico report are the following derrogatories:

 

 --two student loans completely paid off in december, 2012 that i cosgined with my son in 2000.   while the entire balance has been paid, 60 day derrogatories appear from late payments in 2009.   after taking over this loan, all payments were made from november 2009-december 2012.  it is my understanding that the derrogatories will not be removed until some time in 2016.  the amount of the student loans i paid off totalled in excess of $19,000.

 

--a collection account is due to be removed in august 2013.  this is the only collection account included on my current credit reports.

 

--the 2 inquiries in august 2012 should be removed from my fico reports and scoring in august, 2013 after the expiration of one year from the time of the loans.

 

 

lastly, i will be seeking a new car loan in the fall of 2013 after those items are removed from my fico report.  using the monies saved from jaunary to august of 2013, i plan to have saved for a down payment approximately $8000.  Current bank rates at banks/credit unions that i use suggest that this loan would be given at the rate of 2.9%.

 

in your opinion and knowledge, what do you estimate my fico scoring will change with the removal of my collection account and removal of those two bank inquiries?  if you need any additional info to aid in this estimate, do not hesitate to ask.

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: change in fico score

Hard pulls stay on your report for 2 years but only count in scoring for one. 

 

What about CC usage and utilization?  This will play a big factor in your score.

 

It's hard to estimate what you may see because so many factors are included. 

 

 

 

Established Contributor
Posts: 760
Registered: ‎02-11-2012
0

Re: change in fico score

+1 to the above poster, how many credit cards do you have and what is your utilization? Amount owed vs credit limits? I too have one 60 day late falling off in 2016. My scores topped 760 last spring before cc ap and new car ap. I am certain they will be back over 760 after the new accounts each hit the one year mark. As for your improvements, just depends on what else is in your report.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
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Established Member
Posts: 19
Registered: ‎09-22-2008
0

Re: change in fico score

i understand that hard pulls stay on fico for just one year.  accordingly, i will have no hard pull inquiries after my two bank hard pulls are removed after August 15, 2013.

 

With regard to credit card utilization, i use my credit card during the month, but before it reports monthly, my overall utilization if just 2%.   I use my credit cards just for the float while reporting just one cc on my credit reports.

 

My installment loan, used to refinance the mortgage is at $135,000 with final paymnet to  be made by the fall of 2024, just under 12 years away.

 

With banks offering auto loans at the rate of 2.9%, i can keep my interest to a minimum.

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: change in fico score

Hard pulls stay on your credit report for 2 years so they won't fall off until 2014.  They only count in scoring for one year.

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