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CREDIT FREEZE QUESTIONS

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Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

Hear ya loud and clear!
Message 11 of 19
Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

I'll be closing 2 or 2 more accounts just because I know they wont grow, QS1 and credit one for sure and my installment loan. Will that still be a red flag?
Message 12 of 19
Remedios
Credit Mentor

Re: CREDIT FREEZE QUESTIONS

Closing two is not a red flag, but number of new accounts in your case certainly is. 

Save yourself some wasted inq, and lay low for a while, otherwise the problem will just perpetuate itself. 

 

 

Message 13 of 19
Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

I'll take your advise on that.....appreciate the info!
Message 14 of 19
Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

Is there a reason you are closing your installment loan? If you would like to get a score boost, pay it down under 8.9% and then leave it alone, if that’s your only installment loan.

And yes everything Remmy said is right on point. Glad to hear you’re taking the advice.
Message 15 of 19
Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

The loan I'm referring to it's only about 200 left on a 1500 loan and its comin up on the 8th mth
Message 16 of 19
Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

Do not pay it off! Pay it down to $133 and leave it alone and let it report and Watch your score go up, Assuming this is your only installment loan.

How long is the term? How long can you leave it open?
Message 17 of 19
Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

It was a 12mth $1500 loan I have until November will be the last mth. My other installment loans I just got for my wedding in in june so I'm only 2 mth into a 36mth term.
Message 18 of 19
Anonymous
Not applicable

Re: CREDIT FREEZE QUESTIONS

OK when your aggregate installment utilization is under 8.9% you get a score boost.

So if you could get them both under 8.9% and leave them there you would see a score boost. Or you can pay off the small one and then pay the second one down to 8.9%.

A little trick that could net you 15 to 30 points. you don’t need it now because you’re not about to app now, but if you could pay off the first one and get the second one below 8.9 before you’re ready to do your next apps in 12 months or longer, then you would see a score boost that would assist you at that time.
Message 19 of 19
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