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Wells Fargo Live Loan Question


MustangAl67
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Just received a letter in the mail that I am approved for a loan for $1200, all I have to do is deposit the check. I am going to buy another house very shortly. What would the best way to boost my credit with this loan be? I currently have credit cards, mortgage, and student loans.

1. Deposit the check wait for it to clear and then repay the loan

2. Deposit the check, and use all the money to lower my Utilization which is currnently high

3. Deposit the check repay half and then lower utilization with rest

4. Deposit check and then repay 90% and consider paying istallments

5. Take a vacation to Cancun (just kidding wish this was an option)

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Depositing the check will incur new debt, a new TL, and will probably push your scores down. If you have $1200 of existing debt, and you use this check to pay that debt, you may boost your scores a little but I suspect you're gonna about break even.

Look thru the stickys. There's a couple that deal with CRA scoring, things that help and things that hurt.

You can also sign up for 30 days of ScoreWatch at MyFico.com and use their FICO Score Simulator. It offers suggestions on how to improve your score.

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