topic Re: I have a couple of quick questions... in General Credit Topics

I have a couple of quick questions...

Anonymous — Tue, 23 Sep 2008 02:34:37 GMT

I noticed with my FICO scores, a score factor was I had too many accounts with balances. I have one auto loan, and 2 credit cards , and a 1st and 2nd mortgage. I've been keeping the UTL below 1% (I know, too **bleep**) for the past two months, and intend on doing so for another 10 months or so, to see how it affects the scores. Would I be better off paying the cards off each month so the reported balance is zero? And if I do this it will till show that the card is active and current, right?

My next question is, I read somewhere that inquires do not affect your score if you already an account with the creditor pulling your score? Is this BS? I work for a financial institution who I happen to have a credit card through, they are able to pull credit reports for me without loading an application, would this count against my score? If not I could have all 3 reports pulled once every couple months for free if I wanted to.

Last question. My oldest active trade is 21mo (credit card), and I just bought a house (1st and 2nd mortgage). I've got an auto loan that I'm really just carrying out to increase the payment history, should I just pay it off and have the mortgages and credit cards reporting, or should I carry out the auto loan? I've made 5 on time payments with it so far, and I planned on paying it off in two years.

Thanks guys!

Re: I have a couple of quick questions...

Anonymous — Tue, 23 Sep 2008 02:41:13 GMT

WYjeep wrote:

I noticed with my FICO scores, a score factor was I had too many accounts with balances. I have one auto loan, and 2 credit cards , and a 1st and 2nd mortgage. I've been keeping the UTL below 1% (I know, too **bleep**) for the past two months, and intend on doing so for another 10 months or so, to see how it affects the scores. Would I be better off paying the cards off each month so the reported balance is zero? And if I do this it will till show that the card is active and current, right?

Let one of the cards report a zero balance

My next question is, I read somewhere that inquires do not affect your score if you already an account with the creditor pulling your score? Is this BS? I work for a financial institution who I happen to have a credit card through, they are able to pull credit reports for me without loading an application, would this count against my score? If not I could have all 3 reports pulled once every couple months for free if I wanted to.

Softs pulls do not count and INQ's from the same source are de-duplicated (only count once) but they will count for a longer timeframe.

Last question. My oldest active trade is 21mo (credit card), and I just bought a house (1st and 2nd mortgage). I've got an auto loan that I'm really just carrying out to increase the payment history, should I just pay it off and have the mortgages and credit cards reporting, or should I carry out the auto loan? I've made 5 on time payments with it so far, and I planned on paying it off in two years.

That's a tough call- most new home owners have a bunch of new expenses thet were not counting on (you must be lucky)

Get your Emergency fund built up and be saving for retirement first(fully funding IRA/401K)- Then pay that puppy off.

Thanks guys!

Re: I have a couple of quick questions...

Anonymous — Tue, 23 Sep 2008 02:42:12 GMT

welcome! from a 2 x kj jeeper.

WYjeep wrote:
Would I be better off paying the cards off each month so the reported balance is zero?

very debated around here. the main thing is that you are a pay in fuller, congrats.

And if I do this it will till show that the card is active and current, right?

yes.

My next question is, I read somewhere that inquires do not affect your score if you already an account with the creditor pulling your score? Is this BS?

not bs, it's called the fico de-duplication feature. it doesn't generate a score hit, but it does/can register as a "hard" inquiry, and creditor's do take notice of excessive inq's.

I work for a financial institution who I happen to have a credit card through, they are able to pull credit reports for me without loading an application, would this count against my score? If not I could have all 3 reports pulled once every couple months for free if I wanted to.

i'd make certain it was a soft inq and that it was not a vioalation of your company policy.

Last question. My oldest active trade is 21mo (credit card), and I just bought a house (1st and 2nd mortgage). I've got an auto loan that I'm really just carrying out to increase the payment history, should I just pay it off and have the mortgages and credit cards reporting, or should I carry out the auto loan? I've made 5 on time payments with it so far, and I planned on paying it off in two years.

do what save you the most dollars and let the fico points fall where they may.

Thanks guys!

Re: I have a couple of quick questions...

Anonymous — Tue, 23 Sep 2008 03:00:39 GMT

Wow, excellent and prompt response, almost unheard of in the realm of online forums. Luckily I did not have an unexpected costs, the town-home is brand new, so that took care of a lot of things upfront. I've got a Sears card which I'll let report zero each month, I will charge small items and pay them in full each month. I have a lot of things I want to accomplish in the next 5 years, and the better credit the more practical the goals will be. I know my experian score is 727, I'm waiting on the EX and the TU scores to see where I fall. Honesly, even if I can't get the scores for free at my job, I'm considering just having all 3 pulled every 6 months, I don't think the inquiries would hurt too much, and I thought about asking for a Visa increase anyway :-). Thanks guys!