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Old 02-15-2009, 09:06 AM
2,197 posts, read 6,600,133 times
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There's also freecreditreport.com-- the one with the funny commercials. Those jingles are the only reason I remembered, so advertising must work.

I just did a refi and the lender told me that anything over 800 was A-paper. It used to be 750 or so, so they've either raised their standards or it was just that lender. A lot of companies are closing credit accounts that haven't been used in the last year or reducing credit lines without informing the cardholder. Those things can drop your scores. And a higher-than-usual balance can raise your back-end debt ratio and cause you to be automatically declined. They usually check it again right before closing to make sure it hasn't gone up. They seem to check and re-check everything these days, after years of not checking anything at all.
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Old 02-16-2009, 10:56 AM
12 posts, read 30,643 times
Reputation: 10
Default should be fine

As long as your credit score is 740 or above, you will get the same best available rate right now. I am not sure whether banks will increase the bar, but 740 is the one. As for your score, I have more than $15,000 credit card balances out of more than $100,000 credit line. My scores from different lenders are +/- 760. So, as long as your utilization is less than 19%, I believe your scores are well over 740.
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Old 02-18-2009, 01:04 AM
540 posts, read 1,064,536 times
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Originally Posted by bcm View Post
That is my middle Fico credit score of 791.

I am closing on a house in July. How much do you think charging $2200 dollars on a credit card would affect that? I have a timing issue so I'm thinking of charging $2200 with thought of wiping it clean in 2 months, I also want the credit card points etc.
Are you planning on paying all this off and just doing this for points? If so, charge away but pay off before the bill is cut. Credit reporting agencies look at your statement balances; not the balances you've accumulated between statements.

If you're buying a house it helps to:

1) Pay off all the balances on all but one or two cards each month before the bill is cut
2) Keep your total balances low.

You leave a bit of a balance on one of your cards (go ahead and pay some off), as for some reason, this is seen as less risky. You've got nothing to hide. You're both using your credit and using it responsibly.

It also depends on your total credit limit. If you have $100,000 in credit, spending $2,200 isn't going to do squat. And you could spend $50,000 as long as you had it paid off before the bill was cut.
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Old 02-19-2009, 09:30 AM
Location: Wake Forest, NC
835 posts, read 3,533,588 times
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Risk based adjustments- rate adjustments- go in 20 point increments with 740+ being top credit. 739-720 next tier, 700-719 next and so on. If you can see scores going along the left side of a grid and your loan to value in 5% increments across the top starting with < 60% being the floor and 95-97% loan to value being the maximum for select borrowers with over 700 scores.
Now more to your specifics- the higher your score the less impact something like this will make. You've shown a history of responsible use of credit so it doesn't make a creditor- scoring model- nervous that you've charged a purchase or 2. You may lose 5-10 points but nothing that will change your score qualificaitons.
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