Will score drop

[Anonymous]

I co-signed on a small consumer loan which was PIF in 2 weeks.  I noticed it just hit my credit report, but not PIF, it shows a bal of 800 and high credit of 1300.  The loan was only 800.  The company do not report again until the end of the month.  I am lookin gfor 5 pts to close on my home a new construction the week of April 25-May 4.  Will this have a negative impact on my score even though it is PIF?.  I so have cc-limit is $300, which we PIF each month-however, my wife left a bal of 58.00 on it last month, but PIF this month.  I also have 2 auto loans in good standing.    ...

[llecs]

The new account would likely drop your score, but points will begin to rebound by the time you close. If you can push back closing after April 1, the TL will show a month older and that might improve your chances of showing a better score. Ideally you'd want 6-12 months to fully recover from adding a new account.

Whether it shows a balance or not, open or closed, it doesn't matter per your score because of your other loans.

[Kimberly68]

Also, see if you can do a re score...that may work as well.

[Anonymous]

We are currently scheduled to close at the end of April-beginning of May.  But, I will like to have score up beofre then.  I am thinking about doing the re-score plus, i added a secure credit card to my report (NO CREDIT CHECK).  So, i should be ok....hopefully.

[RobertEG]

The $58 against a CL of $300 on the CC would be my bigger concern.  That is close to 20% util on revolving debt.  PIF that ASAP.

If you signed for an installment loan, it has much less impact on credit scoring.

Creditors only report once a month.  Get payment in for the Feb due date, and their next statement in March should reflect your new account status.

That is a month prior to your late April/early May date of concern, so get it in before their March statement cuts, and you should be OK.

[Jazzzy]

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@Anonymous wrote:
I co-signed on a small consumer loan which was PIF in 2 weeks.  I noticed it just hit my credit report, but not PIF, it shows a bal of 800 and high credit of 1300.  The loan was only 800.  The company do not report again until the end of the month.  I am lookin gfor 5 pts to close on my home a new construction the week of April 25-May 4.  Will this have a negative impact on my score even though it is PIF?.  I so have cc-limit is $300, which we PIF each month-however, my wife left a bal of 58.00 on it last month, but PIF this month.  I also have 2 auto loans in good standing.    ...

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I think you've gotten good advice to get the cc paid off...then...don't use it again before closing! It may seem as if you have a long time before closing, but it's not long if you are trying to get things cleared up on your reports. My worry is that you will get dinged now if this "small consumer loan" was from somewhere that FICO will consider to be a consumer finance lender. There is a ding for that.

Try not to do any new borrowing or applying (or cosigning) for anything that will hit your reports until after you close.

[Anonymous]

Thank you all for responding. I have good news my TU score frpm here is 637. So, I'm thinking the credit card being PIF balanced the loan. The loan company SHOULD teport PI F on the 1st of March. Anyway, I have what I need they were pulled from here, sent an email to lender for pull they will not pull again now I truly feel good. All is good DTI is excellent, income is awesome and scores are inline. Thanks again