Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being negative impacted [+harm than help]...wrong!
Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points!
By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.
Happy new year everyone!
Finances > Fico scores
@Yasselife wrote:Just sharing my personal exp. for future analysis. 7 months ago, I open a personal loan for credit card debt consolidation; I thought that since it's only been a couple of months my Fico scores were still being negative impacted [+harm than help]...wrong!
Anyway, my goal was to start the year debt free except for my car lease, by achieving that I've got a penalty of 19 points!
By the way, those wondering if I have other loans in the mix; my car lease has been paid down to 85% [25% utilization], AZEO on my cards. 19 points doesn't seem right for paying off a loan of 7mo history. So glad I took that heavy 11% interest off my shoulders though.
Happy new year everyone!
Finances > Fico scores
When your car loan is paid down to 9% you'll probably get those points back.
I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.
@Yasselife wrote:I found out the hit came from having all my cards at 0 balance [only Experian]. I forgot Chase reports when you pay the total balance, not just when statement closes... rookie's mistake.
BINGO!!!!!
@Yasselife only here would a 741 be a point of stress! The bureaus LOVE when we're in debt... but nit too much. Nicey-nice.
