Credit score of 791 (loan, interest rate, approved, credit card)

[bcm]

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.

[sbanawan]

My score was right around there when I applied for my loan and I've continued using my credit card as I always do, in Dec running up a bill of $4k, without it affecting my loan. Of course, I paid that bill of in full at the end of the month, as I always do, so my situation isn't exactly like yours. That said, your score is so high, it'd take a heck of a lot to move it into even questionable territory. I wouldn't worry about it as long as the bill stays current.

[aneftp]

Originally Posted by bcm

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.

It all depends on the ratio of your credit to your credit debt. So if you only have a 4K credit credit limit total charge 2200, this may ding your credit score.

Also, credit scores are usually based on things 1-3 months in the past. I just got my mortgage approved and they still had one of my BMW car loans listed at 40K, when I had already prepaid it down to 30K in 2 months. That 40K balance was based on November's balance and not the current 30K Jan balance.

[Sub-Urban Princess]

No one knows what goes into that little black box that calculates FICO score. We can only intelligently assume.. (how's that for an oxymoron)

Like one poster stated..it depends on what the high credit limit versus the balance on the card is...

Typically, if you carry a balance on credit cards, the balance should be at minimum, 50% of the high credit limit.

I highly doubt you would do much damage to a 791, especially if your intent is to pay it off in a couple of months.

Either way...you may be risking some points. 100?? NO..10-20?? Maybe. Again, we just don't know... Take a peek at this that I borrowed from about.com.

Credit Scoring Pie Chart

[forcedfx]

I guess I'm kind of in the same situation as you. My middle score is 785 and I have a balance of $5800 on my credit card when my score was pulled (damn holidays). It usually hovers around $1000 a month. Anyway, I never carry a balance and that $5800 has since been paid off. I now have about $700 on that card. Talking to the mortgage lender she said because my score is so high that the $5800 is nothing to worry about as long as it is paid off and on time.

In other words, not having that $5800 balance wouldn't improve my rate since I'm at the top of their chart.

[dmarie123]

My Fico is over 750. I was going to try to get it up higher when closing, but they told me anything over 700 and you can't really do much better in the way or interest rates, etc. Even if it drops to 750, it won't matter.

I've noticed that as my debt to credit ration shifts in and out of the 50% range, my score changes. If My debt is over 50% my score goes down to 769, but if it's under 50% my score goes up to 775. In the big scheme of things, 6 points is NOTHING.

[NewJersey?]

Originally Posted by dmarie123

they told me anything over 700 and you can't really do much better in the way or interest rates, etc.

Hmmm, are you sure about that? I wonder how accurate that statent was.

My score showed was lowered because I had too high of a balance on my credit cards. 5%. Wow, 5% doesn't seem high to me, but it brought my score down accordning to them. I, too, pay off my cards at the end of every month.

[Flamingo13]

Novice here - how are you able to keep constantly checking out your credit scores?

[mommax3plus2]

ours just dropped 20 points this last month for no apparant reason. all our payments are made on time, we didnt charge anything over the holidays. nothing has changed. (ours is over 700 also)

i read an article about companies dropping credit lines based on the type of work you do (if they think its viable in this economy) could they have done that to our credit score too?

[shaxs]

Originally Posted by Flamingo13

Novice here - how are you able to keep constantly checking out your credit scores?

Using a credit monitoring service like TrueCredit.com or something similar.