WHAT SHOULD I DO????

[cgeefly]

Hello All:

I have been reading and learning for the past 9 months-and spendng time "gardening".

Thank you for allowing me to "bloom" from afar!

Now I need your help!

I am being transferred out of the country on an international contract for the next 3 years and my company is paying the balance of my one year car loan, as I will have a new company car on my assignment.

The issue is how bad will this impact my credit score, and do you have any ideas that I can implement before the payoff hits my credit reports? My TU is 645 MY EQ is 601 MY EQ is 677-no baddies no B/K 

I appreciate your time, and await your reply.

[Shadowfactor]

---

@cgeefly wrote:

Hello All:

I have been reading and learning for the past 9 months-and spendng time "gardening".

Thank you for allowing me to "bloom" from afar!

Now I need your help!

I am being transferred out of the country on an international contract for the next 3 years and my company is paying the balance of my one year car loan, as I will have a new company car on my assignment.

The issue is how bad will this impact my credit score, and do you have any ideas that I can implement before the payoff hits my credit reports? My TU is 645 MY EQ is 601 MY EQ is 677-no baddies no B/K 

I appreciate your time, and await your reply.

---

Welcome to the fourms!

Can you provide more details about your scores ? Are those fico 8 scores ?

Those scores seem quite low for someone that mentions they have no baddies or BK. What is currently holding them down ?

In terms of scoring, I dont see a bigger drop then 20 points and will likely result in less then that. There is a fico score bonus for having a open installment loan reporting under 8.9% but you will see get some points for having the closed loan versus someone who's report contains no installement loans.

Can you elaborate on your idea of ideas for the community ? Are you looking for a new credit card since this posted in the CC section ? are you looking to lessen the score impact of the installment loan ?

[CreditInspired]

---

@cgeefly wrote:

Hello All:

I have been reading and learning for the past 9 months-and spendng time "gardening".

Thank you for allowing me to "bloom" from afar!

Now I need your help!

I am being transferred out of the country on an international contract for the next 3 years and my company is paying the balance of my one year car loan, as I will have a new company car on my assignment.

The issue is how bad will this impact my credit score, and do you have any ideas that I can implement before the payoff hits my credit reports? My TU is 645 MY EQ is 601 MY EQ is 677-no baddies no B/K 

I appreciate your time, and await your reply.

---

Hi and welcome

Wow what an exciting opportunity.

Would your company consider just giving the money directly to you. Then you can deposit the money and just continuing paying your monthly payment as you were. 

[SouthJamaica]

---

@cgeefly wrote:

Hello All:

I have been reading and learning for the past 9 months-and spendng time "gardening".

Thank you for allowing me to "bloom" from afar!

Now I need your help!

I am being transferred out of the country on an international contract for the next 3 years and my company is paying the balance of my one year car loan, as I will have a new company car on my assignment.

The issue is how bad will this impact my credit score, and do you have any ideas that I can implement before the payoff hits my credit reports? My TU is 645 MY EQ is 601 MY EQ is 677-no baddies no B/K 

I appreciate your time, and await your reply.

---

I wouldn't worry about it. It won't affect your mortgage scores, and depending on how paid down it was it might not have major effect on your FICO 8's either. Focus on the important stuff. Congratulations on your exciting new international assignment, on having a company car, and on having an employer who pays off your car loan.

The only thing I know of that could help with the possible small scoring ding on FICO 8 would be to take out a share secured loan with Navy Federal Credit Union... but it isn't worth worrying about.

[Anonymous]

---

@cgeefly wrote:

My TU is 645 MY EQ is 601 MY EQ is 677-no baddies no B/K 

---

Are you sure your CR contains no negative information?  If it is indeed clean, the only way your scores would be where they are is with very high revolving utiliation.  Where does your revolving utilization currently sit?

[cgeefly]

Hi,

The company just writes the check-viola, done.

They have a policy for these transfers and this is the way it is done.

I am just trying to figure out-if opening a secured card with a maybe 2500usd on it will balance any potential hits from the car payoff.

Thoughts?

[SouthJamaica]

---

@cgeefly wrote:

Hi,

The company just writes the check-viola, done.

They have a policy for these transfers and this is the way it is done.

I am just trying to figure out-if opening a secured card with a maybe 2500usd on it will balance any potential hits from the car payoff.

Thoughts?

---

No that wouldn't help at all. If anything, it would cost you points.

Forget about it, and move on.

[cgeefly]

Well,

Until the forum, I thought the way you build is to max out the cards-then pay them back with 3 or 4 payments monthly.

I had no idea about utilization and for a year my utlization was at about 45-50%. I did not ever pay them late-but the utilization was high.

Presently, my utilization is about 15%-and I am paying off all the cards in full monthly.

The only thing that drags on my credit report is from 2017- I had a 90day late on a car loan during the Hurricane Irma that Santander would not remove.  

I know I am on a good path-but I am trying to not get a big hit on my credit report. Should I consider getting a secure credit card from Disco or a credit union for balance?

Thoughts?

[cgeefly]

Exactly,

I do not want a huge drop-when I am working on building my credit up.

I do want to establish a true "big boy" card with my summer flowers.

I was just lookign for direction ,as I have read on the forum that when the loan is paid off-since it is only exactly 1 year old-will impact the credit report.

Thoughts?

[cgeefly]

Hi

So, you think I just keep gardening-and potentially plant summer flowers?

You do not think I will see a huge drop? I am excpecting that before I go- all of the cards will have a zero balance.