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Paying down debt balance

MaybeBetter1
Member

Re: Paying down debt balance

Thanks very much for reply and information. 

Will using the pre-qual tools for AMEX and Discover count as an inquiry to my credit?

Message 11 of 18
HeavenOhio
Community Leader
Senior Contributor

Re: Paying down debt balance

@MaybeBetter1, your credit won't be affected by using pre-qual tools. These are soft inquiries. You're the only person able to see them on your credit report. They're not visible to other people, nor are they visible to FICO. Most of the time, when you subscribe to a credit monitoring service, that service won't see the soft inquiries either.

 

Hard inquiries occur when you submit applications for cards. Hard inquiries will be visible to anyone who views your report and are scorable.

 

Depending on the bank, requests for credit limit increases may trigger a hard inquiry. Some banks will do a soft inquiry or use information from your most recent account review.

Message 12 of 18
BrutalBodyShots
Super Contributor

Re: Paying down debt balance

OP, on the last page you referenced a 731 score from your bank.  Do you know what specific score that is?  If you go to the screen where you see that score somewhere near it or if you scroll down on the page you should see something to the tune of, "Fico Score 8 using TransUnion data" for example.  It should reference either TU, EX or EQ for the bureau data used along with a scoring model.  I'm just trying to get an idea of what you're working with.  Below you'll see an image of what I'm talking about with the information circled.

 

That image BTW is from creditscorecard.com, a source you can sign up with to get your Fico EX8 for free monthly.  If that's a different version than what you're getting from your bank, it would be good to sign up so that you know twice as many of your Fico scores.

 

ex8.jpg

Message 13 of 18
MaybeBetter1
Member

Re: Paying down debt balance

The bank score shows: Powered by Experian in top left corner of page; then below the score of 731 it shows based on VantageScore® 3.0. 

Experian score shows FICO Score 8 707, FICO Score 2 727. 

Message 14 of 18
BrutalBodyShots
Super Contributor

Re: Paying down debt balance


@MaybeBetter1 wrote:

The bank score shows: Powered by Experian in top left corner of page; then below the score of 731 it shows based on VantageScore® 3.0. 

Experian score shows FICO Score 8 707, FICO Score 2 727. 


Good information above and thanks for getting back to us with that.  You can throw the score from your bank out the window since it is of the VS variety, which is not a Fico score.  Your EX Fico Score 8 is probably most relevant if you're considering a CC app, especially with a lender like Amex for example that uses that exact score.  Your Fico Score 2 is a little less relevant than your Score 8, but still a good one to know. 

Message 15 of 18
MaybeBetter1
Member

Re: Paying down debt balance

Experian.com shows:

What's helping your score?

No Missed Payments

Not Seeking Credit

No Collection Or Public Record

What's hurting your score?

Short Account History

No Revolving Activity

No Credit Card Activity

I have banked with Chase for a long time, they offer CC with no annual fee, cash back and other good offers. Plus I am a veteran which Chase provides me with their best checking account. Thought about approaching Chase for CC. Not sure the FICO 8 707 is good enough to get CC from Chase. Thanks for your comments.

Message 16 of 18
thornback
Senior Contributor

Re: Paying down debt balance


@MaybeBetter1 wrote:

Experian.com shows:

What's helping your score?

No Missed Payments

Not Seeking Credit

No Collection Or Public Record

What's hurting your score?

Short Account History

No Revolving Activity

No Credit Card Activity

I have banked with Chase for a long time, they offer CC with no annual fee, cash back and other good offers. Plus I am a veteran which Chase provides me with their best checking account. Thought about approaching Chase for CC. Not sure the FICO 8 707 is good enough to get CC from Chase. Thanks for your comments.


Chase favors relationship and there have been quite a few folks with scores in the low 700s approved for a Chase card as their first card after having a long term banking relationship. If you log into your online bank account and click on 'credit cards' from the drop down menu at the top of the page, you can see if there are any preselected/pre-approved offers for you. You can also try their pre-qualification page. Or, if you are able, stop in your local branch and speak with banker. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 17 of 18
BrutalBodyShots
Super Contributor

Re: Paying down debt balance

I think you'd probably be fine going for a card through Chase as described above.  If you've banked with them for a long time that should only help.

 

Looking at your negative reason codes the lack of having an open CC is clearly adversely impacting your profile.  I'm actually surprised that the CC-related negative reason codes aren't above short account history on your list.

Message 18 of 18
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