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stanolshefski said:   
CaliforniaGrown said:   Thanks, henry33.  But, aren't scores in the excellent range also tiered for certain things (mortgages, % APR for some credit cards, etc.)? For instance, I've seen 780+ getting better mortgage rates than 740+.
  Generally speaking 740+ is the best mortgage rates. Some auto loans might be better at 770+. CC APRs may use more factors than just FICO score alone -- i.e. number of recent CC apps.

Once you are above 800, it's not hard to stay above 770 unless you have a young or thin credit file.

  
That makes sense; thanks for jumping in, stanolshefski.

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henry33 said:   
CaliforniaGrown said:   Thanks, henry33.  But, aren't scores in the excellent range also tiered for certain things (mortgages, % APR for some credit cards, etc.)? For instance, I've seen 780+ getting better mortgage rates than 740+.
  
In the old days a 680 was enough to get you the best rates, but they kept going up so now anything above 740 doesn't get you anything better. The only way they would get better is if you put down a bigger down payment. Also I'm not sure what you're using to check your score, some sites do give you what's called a fako score which tends to be higher than the score the mortgage companies use. For instance on the last credit check I did, for Transunion, they used Classic (04), Experian used Fair Isaac v2, Equifax used Beacon 09. 

  
Ah, I see; thanks for the clarification.  Yeah, I've heard about that regarding mortgages. I'm still some years away from being able to buy a house, but I like to be mindful of my finances as I move forward.

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stanolshefski said:   
Once you are above 800, it's not hard to stay above 770 unless you have a young or thin credit file.
 

Apologies for interrupting the conversation but I don't understand what this means.
My score according to my Discover Card statement was 845.  Then I got another Discover Card and a Chase Ink for their sign up bonuses. 
Now score is 810 and I just decided to refinance.  Am I still going to get good rate or should I wait awhile for score to come up before refinancing?
Would closing unused credit cards raise my score?

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my4mainecoons said:   
stanolshefski said:   
Once you are above 800, it's not hard to stay above 770 unless you have a young or thin credit file.

Apologies for interrupting the conversation but I don't understand what this means.
My score according to my Discover Card statement was 845.  Then I got another Discover Card and a Chase Ink for their sign up bonuses. 
Now score is 810 and I just decided to refinance.  Am I still going to get good rate or should I wait awhile for score to come up before refinancing?
Would closing unused credit cards raise my score?

  Your score went down because of the newly opened credit cards and their associated hard pulls.
You shouldn't have a problem getting a reasonable mortgage with a score of 810.
Closing cards, especially older cards, may have a negative impact on your score as it may reduce the average age of your cards and your utilization ratio.

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I understand you can sign up for NMFA membership in order to be eligible for a PenFed account. I was wondering if this trick works for NFCU eligibility?

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stanolshefski said:   
CaliforniaGrown said:   Thanks, henry33.  But, aren't scores in the excellent range also tiered for certain things (mortgages, % APR for some credit cards, etc.)? For instance, I've seen 780+ getting better mortgage rates than 740+.
  Generally speaking 740+ is the best mortgage rates. Some auto loans might be better at 770+. CC APRs may use more factors than just FICO score alone -- i.e. number of recent CC apps.

Once you are above 800, it's not hard to stay above 770 unless you have a young or thin credit file.

I was surprised I had about a 45 point drop (835 to 790) when I bought a new house. It's started to creep back up (at 800 now), but that drop was bigger than expected considering I have many open lines and a long credit history.

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By how much do credit scores in the excellent range typically drop when a new credit card is opened? And, how much of a difference in points drop is it when opening 1 new credit card versus 2? I'm looking to open 1 or 2 credit cards in August, but I'm afraid of my score dropping too much when I go to rent a place next summer (trying to avoid needing a cosigner).

Equifax 786, 4 open credit card accounts (2 opened May 2012, 2 opened May 2013), 1 installment account (car lease opened February 2014; last hard pull), 1 closed credit card account (open July 2006-May 2012; kicking myself for ever closing it and wish it could be reopened), low credit-to-debt ratio (16% overall, with under 50% for installment and under 5% for all revolving), no lates, only ever paid interest once (under $5)

 

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CaliforniaGrown said:   By how much do credit scores in the excellent range typically drop when a new credit card is opened? And, how much of a difference in points drop is it when opening 1 new credit card versus 2? I'm looking to open 1 or 2 credit cards in August, but I'm afraid of my score dropping too much when I go to rent a place next summer (trying to avoid needing a cosigner).

Equifax 786, 4 open credit card accounts (2 opened May 2012, 2 opened May 2013), 1 installment account (car lease opened February 2014; last hard pull), 1 closed credit card account (open July 2006-May 2012; kicking myself for ever closing it and wish it could be reopened), low credit-to-debt ratio (16% overall, with under 50% for installment and under 5% for all revolving), no lates, only ever paid interest once (under $5)

 

Folks on Creditboards could give you more specific information on the how much your score might decrease. That said, the biggest impact is that your account age will decrease significantly when opening multiple cards because your average account age is low and you'll have multiple new inquiries. Those things have a medium/low impact on your score and the effect from the inquiries will be gone by next summer.

In my opinion, you'll be fine by next summer if you open 1 or 2 cards.

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BostonOne said:   
CaliforniaGrown said:   By how much do credit scores in the excellent range typically drop when a new credit card is opened? And, how much of a difference in points drop is it when opening 1 new credit card versus 2? I'm looking to open 1 or 2 credit cards in August, but I'm afraid of my score dropping too much when I go to rent a place next summer (trying to avoid needing a cosigner).

Equifax 786, 4 open credit card accounts (2 opened May 2012, 2 opened May 2013), 1 installment account (car lease opened February 2014; last hard pull), 1 closed credit card account (open July 2006-May 2012; kicking myself for ever closing it and wish it could be reopened), low credit-to-debt ratio (16% overall, with under 50% for installment and under 5% for all revolving), no lates, only ever paid interest once (under $5)

 

Folks on Creditboards could give you more specific information on the how much your score might decrease. That said, the biggest impact is that your account age will decrease significantly when opening multiple cards because your average account age is low and you'll have multiple new inquiries. Those things have a medium/low impact on your score and the effect from the inquiries will be gone by next summer.

In my opinion, you'll be fine by next summer if you open 1 or 2 cards.

  
Thanks, BostonOne; I will ask around those forums as well.

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I have been writing GW letters to GM Financial to get 2 late payments removed.  My daughter and I were in a car accident in January with my new car (I only have for 2 weeks).  We were both okay, thank goodness!! I received 2 late payments on my credit report because the other drive's insurance company took their time paying GM Financial. I was under the assumption that my lawyer was taking care of all of that (big mistake)! Since then, I have written  4 letters, 2 emails, and spoke with a supervisor who requested a bunch of documents.  I faxed and mailed them as requested.  Just got off the phone with a snotty  supervisor stating that they don't do GW removals.  I was feeling very discouraged.  However, I am not giving up!! This will not ruin my chances of buying a house, and now a much needed car!  I am going to write the CEO as someone stated on here!! My question is do I continue to send the same GW letter? And those of you who have been successful, how many and how often should I send them?  Any and all help is appreciated!!

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any advice on when and where (in california) to buy honda pilot touring awd 2016 at invoice price? Dealers are charging so much!

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parkdanil said:   I understand you can sign up for NMFA membership in order to be eligible for a PenFed account. I was wondering if this trick works for NFCU eligibility?
  
No, there is no easy way for otherwise ineligible individuals to join. You can find the list near the bottom right of their eligibility page: https://www.navyfederal.org/how-to-become-a-member/how-to-become...
 

rated:
doveroftke said:   
parkdanil said:   I understand you can sign up for NMFA membership in order to be eligible for a PenFed account. I was wondering if this trick works for NFCU eligibility?
  
No, there is no easy way for otherwise ineligible individuals to join. You can find the list near the bottom right of their eligibility page: https://www.navyfederal.org/how-to-become-a-member/how-to-become-a-member.php

  Okay, thanks for the reply.

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