Need expert advice on credit!?

Question

I took an instalment loan for $8000 to help improve my credit rating. My score is 747 at the moment. I only have credit cards with less than 10% balance of my total credit limit and no late payments ever. Also, this is my first loan.

Will my score drop because of this new loan? If so, how much and how long will it take me to get to an 800 fico score?

Answer 1

It all depends on the length of your credit history. I think so far you have perfect credit. Your score will probably drop anywhere from 20 to 40 points if you don't have a old credit history. It could drop as little as 5 to 10 points if you have been managing your cards for a while.

If you continue to make on time payments, expect your score to rise anywhere from 3 to 5 points a month. Based on what your new score will be (after the loan starts showing on your credit), you will be able to calculate the Length of time it will take you to get to 800.

And, NO you do not have to be retired to get to 800 and believe me, contrary to popular opinion, you do want that 800.

Answer 2

First of all, you have a great.....no you have an EXCELLENT FICO SCORE! WHAT THE HELL IS THE MATTER WITH YOU?


You took a loan, based on raising your fico from 747 to 800? Now, I have 7 years experience in lending, private investors, mainstream loans, and loan sharks. All investors have 1 benchmark credit score, and it is 720. I know some banks run a special, or did at one time for a 750 FICO. I have not come across it in sometime, but it may be a result of the increased rates, decreased fico perks. I trust you are about as finacially responsible as borrowers come, but you have a bit to learn on what benefits are available.

Across the board, all lenders have 2 scores that will get you a great rate, and a good rate. (720+) no additional add ons for your credit, (680+) generally no rate add ons.

It depends on many things, but 850 fico could still be subject to add's on a loan for, income doc type, LTV, cash out, property type, and loan type. If those add ons affect you at 850, they would probably be larger add ons if you were at 680.

If you are shopping for a car, the golden number is 700 and thats it. You probably wont have any trouble with the loan you took out, and it shouldnt impact your fico score. At 747, its going to be diffucult to raise it any higher, except with time. 2 credit reports in 7 years have come across my desk with Ficos over 800 and both were borrowers over 70 years old that had never had any deliquencies. However 100's of clients in their 70's with perfect credit have also come across my desk and for some reason had lower then 800 scores.

Take my advice, your trying to fix something that is not broke. By playing with it, you may break it by accident. The bad news is, I recently paid off a car loan in 1 sum for $13,000 right before I bought a home. The 1.5 months between paying off the car and applying for a home loan my score dropped 20+ points, and the factor was " no recent loan installment information".

Answer 3

I agree with Rich. Too many people are worried about there score. Pay your bills on time, don't overextend yourself and your credit will be good enough to get a good deal on anything you want. The only people I have met with 800 scores are retired. A 747 will get you prime rates on homes, cars, insurance.....don't sweat the 800 barrier

Answer 4

For every credit check for this loan, your score droppped by 10 points. It's easy to raise score from 650 to 750 but harder later.
Keep paying your loan and CC bills regularly and in FULL. It should take you about a year to raise your score to 800.

Answer 5

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Answer 6

yes it will drop and probably forever ---you dont need 800..747 is very good as it is

Answer 7

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