FICO Score Question

[IncredibleHoss]

So this is my situation and I am not an expert in credit but have a good sense of how to attain and keep a solid score.

Here is my deal.

I have 3 total credit cards
1) Amex Gold Charge Card. No limit just pay in full every month. Member since 1994

2) Wells Fargo Credit Card: 1600 limit (400$ balance)

3) Chase Credit Card: 8,000 limit (1k balance)

The chase card I have had for about 2 years and wells Fargo for about 5.

I really want to just close out wells Fargo and keep 2 Credit cards. I know this will hurt my remaining credit available and clear a trade-line.

FICO with Equifax, transunion and experian range anywhere from 720-745.

Would paying off and closing my WF card impact my score in a negative way?

Thanks

 

[PICK3]

So this is my situation and I am not an expert in credit but have a good sense of how to attain and keep a solid score.

Here is my deal.

I have 3 total credit cards
1) Amex Gold Charge Card. No limit just pay in full every month. Member since 1994

2) Wells Fargo Credit Card: 1600 limit (400$ balance)

3) Chase Credit Card: 8,000 limit (1k balance)

The chase card I have had for about 2 years and wells Fargo for about 5.

I really want to just close out wells Fargo and keep 2 Credit cards. I know this will hurt my remaining credit available and clear a trade-line.

FICO with Equifax, transunion and experian range anywhere from 720-745.

Would paying off and closing my WF card impact my score in a negative way?

Thanks

maybe short term

why do you want to close it?

 

[PICK3]

Will closing a credit card account help my FICO score?

 

[digimon7068]

 

[digimon7068]

mitch and i were bragging up our scores back in july...i won

 

[PICK3]

mitch and i were bragging up our scores back in july...i won

my last check was excellent but mid-pack ... i think 780ish

knot owning real property keeps me from being top

 

[digimon7068]

my last check was excellent but mid-pack ... i think 780ish

knot owning real property keeps me from being top

i have about 4 yrs left to pay on my mortgage, i have one car loan that is under $200 per month and i have 3 credit cards, but i only use one of them (for probably 5 years now)...i don't even know where the other 2 cards are...probably ought to close the fuckers...and i have no clue what my lines of credit are on each card

 

[IncredibleHoss]

maybe short term

why do you want to close it?

Just to Forget about it. I Just would like my amex charge card and 8k limit card.

Wf dropped my limit fot closing my deposit relationship with them. Never had a late pay, never will.

 

[PICK3]

i have about 4 yrs left to pay on my mortgage, i have one car loan that is under $200 per month and i have 3 credit cards, but i only use one of them (for probably 5 years now)...i don't even know where the other 2 cards are...probably ought to close the fuckers...and i have no clue what my lines of credit are on each card

i don't think closing cards with long positive histories is advised

 

[JWBurns]

mitch and i were bragging up our scores back in july...i won

Your score from Equifax Complete is a FAKO score, and doesn't mean jack. It's not a true indication of your actual FICO score at all

 

[PICK3]

i have one car loan that is under $200 per month

soon 2 change when you're rawking the new orange loaded out Rubicon!

 

[PICK3]

Your score from Equifax Complete is a FAKO score, and doesn't mean jack. It's not a true indication of your actual FICO score at all

it means it doesn't suck

 

[JWBurns]

Just to Forget about it. I Just would like my amex charge card and 8k limit card.

Wf dropped my limit fot closing my deposit relationship with them. Never had a late pay, never will.

By closing the account, it will affect your AAOA - that stands for average age of accounts. Your FICO will be affected, as 15% of your score is based off age.

Your decision ultimately.

 

[IncredibleHoss]

I guess my next question is would well fargo close it if i didnt use it anymore after paying it off?

Does a balance transfer hurt your credit?

I just would rather make 2 cc pmts instead of 3.

 

[digimon7068]

Your score from Equifax Complete is a FAKO score, and doesn't mean jack. It's not a true indication of your actual FICO score at all

i'll bet my true score wood make your true score its bottom all day long...

 

[George Spellwin]

I guess my next question is would well fargo close it if i didnt use it anymore after paying it off?

Does a balance transfer hurt your credit?

I just would rather make 2 cc pmts instead of 3.

If you want the best score possible, the thing to do is actually to keep Wells and ask them for a credit line increase. If you will apply for a loan soon, ask them for a "soft pull" where they do not pull a copy of your credit report when you ask for the increase. Once it is paid off, you still need to use it once every 6 months or they might close it. Or, you could have a recurring bill charged to this card every month - like the cable bill or your Platinum Membership .

A balance transfer would not hurt your score as long as the credit used remains at 30% or less of your available credit. But remember, they usually charge a 3% fee for a transfer, so be sure to compare that with what you are paying in interest.

Lastly, thank you and all Platinum Members, Sponsors, and Chairman Members for supporting the site. Your support makes all this possible.

 

[shirlene29]

Best place for credit advice is creditboards.com

 

[IncredibleHoss]

If you want the best score possible, the thing to do is actually to keep Wells and ask them for a credit line increase. If you will apply for a loan soon, ask them for a "soft pull" where they do not pull a copy of your credit report when you ask for the increase. Once it is paid off, you still need to use it once every 6 months or they might close it. Or, you could have a recurring bill charged to this card every month - like the cable bill or your Platinum Membership .

A balance transfer would not hurt your score as long as the credit used remains at 30% or less of your available credit. But remember, they usually charge a 3% fee for a transfer, so be sure to compare that with what you are paying in interest.

Lastly, thank you and all Platinum Members, Sponsors, and Chairman Members for supporting the site. Your support makes all this possible.

Sweet thank You very much.

 

[calveless wonder]

there's no point in closing it. keep the tradelines open

 

[DonGargles]

I'd like to see this thread continue. I'm all about building credit.

 

[shirlene29]

Fico is actually incredibly easy to manipulate once you know how to..and can become sport if you don't sculptures credit at that moment
myfico is one of the few places to get actual scores and then only two.
Fakos can be wildly off

 

[digimon7068]

Fico is actually incredibly easy to manipulate once you know how to..and can become sport if you don't sculptures credit at that moment
myfico is one of the few places to get actual scores and then only two.
Fakos can be wildly off

my wife and i actually have real scores in the 800's...and that screenshot that i posted actually isn't that far off from my "reality"...and, i've done nothing to "manufacture" my score...i'm just old (one factor) and i have always paid all my bills on time (another factor) and i have the "right amount" of available credit for my standing in life (another factor)...however, that final factor is just shit luck because i don't have a clue how much available credit i have

 

[shirlene29]

Holy auto correct fail from my phone in my last post


I wasn't suggesting otherwise digi

 

[JWBurns]

Fico is actually incredibly easy to manipulate once you know how to..and can become sport if you don't sculptures credit at that moment
myfico is one of the few places to get actual scores and then only two.
Fakos can be wildly off

True, you can get your actual Eq FICO from myfico, but be aware that the Trans Union score they provide is an outdated model, not commonly used by creditors. I wouldn't recommend paying for your Tu score there.

 

[digimon7068]

Holy auto correct fail from my phone in my last post


I wasn't suggesting otherwise digi

that wasn't directed at you so much as some of the other naysayers...i'm proud of my credit score, because i think it says a lot about "me"...it's an outward sign...a symptom, if you will, of my theories on life in general, which tend to err to the conservative, i suppose

 

[shirlene29]

True, you can get your actual Eq FICO from myfico, but be aware that the Trans Union score they provide is an outdated model, not commonly used by creditors. I wouldn't recommend paying for your Tu score there.

indeed

I don't buy scores anymore...credit is where it needs to be to obtain whats wanted/needed and thats all I really care about at this point
though may change a bit in the future when we go auto shopping this fall...idk..but will probably just see what navy federal offers w/o checking

 

[RottenWillow]

anyone mention creditkarma in this thread? That's a very handy resource.

and to pick on the first page, yes I noticed buying RE really does bump you up. I think I'm over 6 years into my mortgage now and mine has really risen.

 

[IncredibleHoss]

Im a renter still..
I heard as long as your 720-750+ you should qualify for prime rates.


Yeah im just going to gas up and put that in my wells card and turn around and pay it off.