Hello everyone. I am new here and hope to learn as much as possible. I am getting ready to buy a house and I'm trying to get everything in order. Okay my first question is about paying stuff off. I have a car loan that I got Jan. 2006. I can pay off the loan now, but was told to wait atleast a year before it will help my credit score. Is this true or can I pay it off now? I also have a dell CC that I can pay off now and I want to close it out. If I close it I will have only one CC (capital one) with a low balance on it and no other debt. Will it that help me or hurt me? I paid off and closed an American Eagle card I had in February. My credit score is 666 right now. I was hopeing to get it to 700 before I get pre-approved for a loan if thats possible. Also I have only one late payment on my reports, but it was in January. Thats why I closed the American Eagle card. I moved and forgot to change address and I got mad at them, but it was my fault. I'm hoping to get that removed with a letter. Sorry for the long story. I want to give as much info as I could, so you guys could give me correct info on what to do.
Also is Lendingtree.com a good place to get a loan from? Will all the lenders they give my info to inquire within the 14 day limit to count as one hit? Thanks everyone for your help! I am already learning some stuff by reading old post.
What's the oldest tradeline in your file? You sure don't want to close that account. It sounds like you have Dell and Crap1 revolving credit, a closed American Eagle CC with one 30 day late, and an installment loan for a car. That's a pretty thin file, but opening more tradelines now won't help if you want to get a mortgage soon. If the American Eagle card was the oldest, you might want to reopen it and see if that bumps your score up a bit. You can always try to dispute the 30 day late with the CRAs if the lender won't "goodwill" it away. Your dispute should be something like "this account was never 30 days late". Paying off the car early might even hurt your score. At any rate, the mortgage lender would probably rather see a higher down payment than a paid off car. There are some mortgage brokers who populate these boards who could help you. (well, maybe not this one) Try looking at a mortgage forum like this one, liverichly and a few others are reputable brokers: http://www.debt-consolidation-credit-repair-service.com/forums/forumdisplay.php?f=179
Thank you I will check that site out. Do I have to try to get the same account number I had with American Eagle or getting a new one will be fine?
