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Will a 0% Loan still show on my credit report?

ch3cker
Contributor

Re: Will a 0% Loan still show on my credit report?

Ok. I’m about 820 on my FICO scores on all three bureaus. I guess all I can do to get higher is wait. Wait for my age of accounts to get older.

Is that all I can do?

EQ 816, TU 821, EX 826
Message 11 of 16
Anonymous
Not applicable

Re: Will a 0% Loan still show on my credit report?


@ch3cker wrote:
Would it be of any value to my credit profile down the road. In say 3-4 years. I have no other credit plans until then.

No, because in 3-4 years you'll presumably still have the same mortgage in place. 

Message 12 of 16
Anonymous
Not applicable

Re: Will a 0% Loan still show on my credit report?


@ch3cker wrote:
Ok. I’m about 820 on my FICO scores on all three bureaus. I guess all I can do to get higher is wait. Wait for my age of accounts to get older.

Is that all I can do?

Are you at AZEO on your revolvers?  How many accounts with a reported non-zero balance out of your 8 total?  Do you have any scoreable inquiries (last 365 days) on your CR?  Which CRAs?  Age of accounts wise you're already in a great place.  Can you confirm exactly what your AoYA is in months?  For example, if your last opened account was in July 2018, it reached 12 months of age a few weeks back on July 1, 2019.  If you last opened an account in August, you'd be at 11 months AoYA right now.  This is a crucial factor, as I mentioned in a previous post you would likely get 15-25 points once AoYA reaches 12 months.  If you last opened an account in August, your scores could all jump into the 840's next Thursday on August 1. 

Message 13 of 16
SouthJamaica
Super Contributor

Re: Will a 0% Loan still show on my credit report?


@ch3cker wrote:
Ok. I’m about 820 on my FICO scores on all three bureaus. I guess all I can do to get higher is wait. Wait for my age of accounts to get older.

Is that all I can do?

Waiting would increase your score, but it's not the only thing you can do.

 

There's room for you to lower your revolving utilization; the lower the better, and the more zero balances the better... except that you should always let one account report a small balance.

 

And the more you pay your mortgage down, the better.

 

But adding accounts won't help you at all.

 

 


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 14 of 16
Dinosaur
Moderator Emeritus

Re: Will a 0% Loan still show on my credit report?


@SouthJamaica wrote:

@ch3cker wrote:
I have 8 total accounts (7 CC and 1 mortgage). No hard inquires. Utilization under 10%. No derogatory marks. 10 years average age of accounts. Oldest is 30 years and youngest is 1 year.

I was thinking I’d benefit from another account. This would be a motorcycle loan (auto I think).

I don’t really have a set score goal. I’m just trying to see how high I can get my score safely without much effort.

This loan will accomplish absolutely nothing for you, except REDUCE your score. You already have a mortgage. You gain nothing from another installment loan.

 

But you will lose points from it.


Nailed it with this post! Went into my favorite local bank of fourteen years and requested a personal loan of $10K+ for home improvements. The bank asked me why? Said I wanted to enhance my credit profile. They did a complete loan workup plus credit pull and said, the only thing the loan would do is lower my credit score as my profile was a thick one and would NOT benefit from having the personal loan. They could certainly further process my application and I said no, and used cash. So much for NOT enhancing my credit profile. Smiley Sad

Starting Score: 850
Current Score: 850
Goal Score: 850


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Message 15 of 16
Anonymous
Not applicable

Re: Will a 0% Loan still show on my credit report?


@Dinosaur wrote:

Went into my favorite local bank of fourteen years and requested a personal loan of $10K+ for home improvements. The bank asked me why? Said I wanted to enhance my credit profile. They did a complete loan workup plus credit pull and said, the only thing the loan would do is lower my credit score as my profile was a thick one and would NOT benefit from having the personal loan. They could certainly further process my application and I said no, and used cash. So much for NOT enhancing my credit profile. Smiley Sad

That bank is a keeper.  Usually bank employees (even the "smart" ones) that I've run into don't understand credit at even 25% the level of a well-versed member of this forum and give all kinds of bogus advice... usually that benefits them, like opening a CC, taking out a loan, etc.  The fact that they lost money with their advice for you to not open a loan as it wouldn't benefit you in my view is really impressive.

Message 16 of 16
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