@haulingthescoreup wrote:
@Junejer wrote:
Ouch. Just when I thought I had the answer to my recent 28 point drop, you come and throw another wrench in the works. Geez, I can't afford a 20 point drop in score for PIFing.
This is why I went credit shopping. I was tired of being spanked for having half or more of all TL's with balances. I only had 8 TL's, three of which were installment/mortgages and had balances, so if one extra CC messed up and reported, my scores dropped. I knew that I wanted to get a car loan and a BT card, so I had to get 3 more accounts that I could keep PIF'd to counter-balance them. How weird is that?
FWIW, your old enemy The Haters (TU) is the most severe on this, and they didn't drop my scores when all my CC's showed paid. So you might be OK anyway. (I think that some of the do-or-don't pay off cards varies by score bucket, as well.)
When I close on the house, I am going to have a mortgage and a HELOC report, then I am closing on an investment property later this month. It seems that I have no choice but to get four more cards and PIF them and carry a small uti balance on my fifth card.
Dang, this stinks. But, if I am going to keep my scores up for all of the RE investing that I plan to do this year, I have to do it.
Starting Score: 469
@Junejer wrote:
When I close on the house, I am going to have a mortgage and a HELOC report, then I am closing on an investment property later this month. It seems that I have no choice but to get four more cards and PIF them and carry a small uti balance on my fifth card.
Dang, this stinks. But, if I am going to keep my scores up for all of the RE investing that I plan to do this year, I have to do it.
You might hold off for the first month, let everything report, pull the FICO's, and see what you're being yelled at for. It's very, very possible that you are going to get different feedback, and you won't need to pick up unwanted cards.
Example: Timothy PIF'd all his CC's and lost 20 points. I tried to have only one reporting, but TU screwed up their posting and showed all of them PIF'd, and I gained points. So two apparently identical situations, but with very different score results.
Also, EX is angry at me for having a car loan post. Since it's brand new, it's at maximum util. And even though we tell everyone that installment util is not that big of a deal (which it isn't), new non-mortgage loans at 100% do hurt. Score dropped and got a scolding on screen 2 of the EX FICO report. Just another example of how difficult it is to isolate causes and effects.