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My question is Discover Card@yahoo.co.uk is it a hoax? Looking forward for any answer or 2. Another quick question... Looks like what I'm reading about FICO scores says that they look to see if you have various types of creditinstallment, revolving, and mortgage. I have no mortgage TLs, and if I pay off my car loan I will have no open installment TLs. Anyone know if this will hurt my FICO? Or do closed accounts count?.. |
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That's a good question. I'm not sure what is the answer to that question. I'll do some investigation and get back to you if I discover an good answer. You should email the people at Discover Card as they probably could answer your Discover Card question..
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My impression is that FICO scoring is more concerned that there be installment history of some type than whether accounts are currently open or not...
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For auto or mortgage scores the installments might matter more, but I would not worry about it...
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When I refied my mortgage last September, the old loan showed up as paid and closed within a month no FICO alert or score change..
This week, the new loan finally reported. Both DW and I got myFICO alerts about a new account and a score drop. Mine went from 755 to 752. Hers went from 796 to 794.. IOW, not much of an impact... |
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When I've opened or paid off installment loans I've notice little effect on FICO..
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