I opened a new checking account at a credit union. I want to close the current checking account I've had for many years at a bank which will terminate that banking relationship. If I do, will my FICO score be inpacted?
Most online sources say no. Anyone have personal experience with this- or maybe used to work for Fair Isaac!
No personal experience, but if by online sources you mean text articles, you might be interested to know that Chase and maybe other credit cards include free Fico scores plus they have a change-simulator. You can pretend you open another acccount or close one or are late with a payment and it predicts what your FIOC woud be.
Any free FIOC reporter might have this feature.
I've opened and closed accounts at will with no noticeable change in my daily life.
What's to worry about whether it does/doesn't for a month or so?
If you're not terminating a CC or changing your payment habits, it's of no never mind...and that won't show up unless you do change behavior.
Interestingly enough, a high score doesn't necessarily result in good rates being offered if one does query for loan from the routine places. Just asked if had any good offers at local dealership on a used Duramax crew cab to see if it was any point in not just writing the check -- knew used wouldn't have any of the 7-yr/0% things but just thought I'd ask. It was 4-5%!!! with a FICO >800 supposedly because haven't had anything except the credit card bills to pay of in 30 years...
What's just as absurd is that it can jump +/-100 month to month for no apparent reason at all -- roughly same amounts on the CCs, paid on time, etc., ...
I've never seen that much but mine swings about 11 points back and forth. It goes up a little if I'm traveling and charging motels but those charges get paid automatically like any other.
Used is probably financed with whatever bank they are in bed with. If you bought new, chances are you'd get as low as 0% or maybe 1%. Just checked both my banks. One does not even mention auto loans. The other ranges from 3.99 to 7%. I'd guess you could get the 3.99%.
Go to a credit union one of mine is offering 2.49 for up to 36 months 3.49 for 60 months.
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