we are doing great but ?

Anonymous · ‎02-01-2009

Our credit is great mostly in part to my wife and her observance of all financial matters. Our credit score is a source of pride. 2 years ago was at 828 now from the 3 agencies are 791 801 and 820. We have only $900 dollars in CC debt "but we pay all of it off every month before we incur interest payments....we paid cash for our cars and also paid off our mortgage.. Sounds like bragging (kinda is) my question is does paying off our mortgage early and credit cards monthly effect that score.?. as you can tell we are a little OCD about this.

llecs · ‎02-01-2009

chin wrote:
Our credit is great mostly in part to my wife and her observance of all financial matters. Our credit score is a source of pride. 2 years ago was at 828 now from the 3 agencies are 791 801 and 820. We have only $900 dollars in CC debt "but we pay all of it off every month before we incur interest payments....we paid cash for our cars and also paid off our mortgage.. Sounds like bragging (kinda is) my question is does paying off our mortgage early and credit cards monthly effect that score.?. as you can tell we are a little OCD about this.

Great scores!

If you haven't done so, you could probably squeek a few extra points by paying 1/ 2 of your CCs to $0 and the other half to $1. Some have been dinged by a few points by having them all report $0.

Paying your mortgage to $0 can negatively impact your score if you have no other open installment accounts. However, IMO, the money you save in interest far outweighs a FICO score. Rhetorically asking, how many thousands would you be willing to spend to get an extra 10-15 points on your CR?

Junejer · ‎02-02-2009

Hi chin, my FICO scores perform best by having only one CC report a balance of 1-9% util. I tend to get dinged when more start reporting balances. Many with high scores like your own report that they suffer the same fate as I.