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Hope to get mortgage soon but, ....


Stainless_Steel
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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. On another board someone suggested that it might help my score if I opened an account back up with American Eagle. I had credit with them for at least 3 years.

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 my credit limit on the Capital One credit card is $1000 with a balance of $100. Would it help my score if I got a higher credit limit on it and kept the balance the same?

Thank you very much for your help everyone. I am so glad I found a site like this. I hope to learn alot here.

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WHat about Lendingtree.com? Is that a good place to try to get a loan from? Will all the lenders they give my info to make an inquire(spelling?) within the 14 day limit allowed by credit reporting agencies to count as one hit?

Will putting %10 down help me to get a good interest rate? Thanks again for help and sorry for so much questions, but I'm sure there is many more to come.LOL

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I would suggest that you not pay off any credit cards. Your scores will continue to go up the longer you have active tradelines (credit cards etc) If American Eagle will re-open your account I would suggest that you do that.

If you can get your credit limits raised on your account/s I would suggest that you do that also.

If you borrow less than 95% of the sales price you will get a better rate and better programs than if you borrow 100%.

The more assets you have the better off you are for approval.

Hope that helps.

Charles

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What should I do about the car loan? I got it in January of this year. It was for $6,500. It is for 2 years. I can pay it off now, but was told by the salesman when I got it to wait one year to pay it off because that's the only way it would make my credit score go up. That would mean I would have to wait till January of 2007 to pay it off and to get a mortgage because that $300 a month payment would effect the amount I could get approved for too greatly.

Basically should I pay it off now or wait till January? Or does it even matter? What if I paid it down to like a $500 balance by sending in a lot of payments?

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