About six months ago I got a secured CC in hopes of improving my credit enough to refinance my car. I succeeded in getting a payment almost $100 less a month, but I’m concerned about the impact it will have on my FICO score.
Additionally I also opened 2 CC accounts - a $500 CL with Cap1 and a surprisingly high $8K from AMEX. The HPs from all this activity have already hit, but the closing of the old auto account, new installment and CCs have not processed even though it’s been almost a month.
My EX and EQ scores are significantly higher than TU because TU aged some old AMEX accounts off, whereas the other two have not. If it makes a difference my file is pretty ‘thin.’
Additionally I also opened 2 CC accounts - a $500 CL with Cap1 and a surprisingly high $8K from AMEX. The HPs from all this activity have already hit, but the closing of the old auto account, new installment and CCs have not processed even though it’s been almost a month.
My EX and EQ scores are significantly higher than TU because TU aged some old AMEX accounts off, whereas the other two have not. If it makes a difference my file is pretty ‘thin.’
@8bitmachinegun wrote:
About six months ago I got a secured CC in hopes of improving my credit enough to refinance my car. I succeeded in getting a payment almost $100 less a month, but I’m concerned about the impact it will have on my FICO score.
Additionally I also opened 2 CC accounts - a $500 CL with Cap1 and a surprisingly high $8K from AMEX. The HPs from all this activity have already hit, but the closing of the old auto account, new installment and CCs have not processed even though it’s been almost a month.
My EX and EQ scores are significantly higher than TU because TU aged some old AMEX accounts off, whereas the other two have not. If it makes a difference my file is pretty ‘thin.’
I would need to know the original loan amounts of the 2 loans, and the last balance of the closed out loan.
I assume you're keeping your credit card balances very low or at zero.
Original loan - $29.7K
Orig. loan payoff - 27.4K
New loan - ~29K (gap insurance, fees, extras)
Currently my utilization is shown as 14%. That is $73 out of my old Total CL of $500. With the two new cards total CL will be $9000. I am using the AMEX for rewards and paying bi-weekly, so max balance should be about $800.
Orig. loan payoff - 27.4K
New loan - ~29K (gap insurance, fees, extras)
Currently my utilization is shown as 14%. That is $73 out of my old Total CL of $500. With the two new cards total CL will be $9000. I am using the AMEX for rewards and paying bi-weekly, so max balance should be about $800.
@8bitmachinegun wrote:
Original loan - $29.7K
Orig. loan payoff - 27.4K
New loan - ~29K (gap insurance, fees, extras)
Currently my utilization is shown as 14%. That is $73 out of my old Total CL of $500. With the two new cards total CL will be $9000. I am using the AMEX for rewards and paying bi-weekly, so max balance should be about $800.
Replacing the barely paid off loan with an unpaid off loan shouldn't have any noticeable impact on your scores.
Be sure to keep your reported balances very low, and for optimization have one report at zero.
On TU my average age is 2 yrs, but in Experian it is 9-1/2 years. TU has been diligently pruning my old accounts, whereas Experian and Equifax have been more lenient about purging old (but positive) history. IIRC, average age in EQ is -5 years.
EDIT: Had to look up AoYA; I got my secured CC about 6 months ago, and all of the CRAs see it. Even though TU reports "No credit card activity" for some reason.