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stpn2me wrote:
Hello everyone,My topic,I was going to buy a car here through one of the military dealers and I put $1000 down. I put it on my credit card, BofA Visa, $1500 limit, which took the balance to $1200. I changed my mind about the car after listening to some of you here and decided against buying a car. I asked the dealer for a refund and canceled the deal and they said they would debit the money back to my credit card. Well, BofA reported on the 9th of Oct the balance before the refund hit and I lost 14 points! My Experian went from 679 to 665. My question is, when BofA reports next month, it will show $1000 dollars less of a balance. Will I get my points back? I have no baddies in the last year. I only have one other credit card, a capitalone MC, $500 limit, $4.50 balance. I have the military deferred payment card, $5000 limit, $200 balance. I just paid off Pioneer Military loans, (which was a loan of $11,000 I got about two years of payment history out of it and paid it off at $5000 - never late) which hasnt posted yet and I have yet to see how paying off that consumer loan(Pioneer) will affect my score because of the reduced debt. It seems to me that you should get your points back if you pay the balance off that resulted in you losing points. What do you guys think?TU - 660 EX - 665 EQ - 662 as of 9 Oct 07
Okay if the score drop was due to the high utilization on the one card you should get the majority of the points back with the exception of any points the Auto inq cost you. Paying puioner down will help but that it considered a CFL and consumer finance loans do damage you score unfortunately. It could also ding you a bit if it is the only installment loan you have since the mix of credit factor comes into play.