Can I get the maximum FICO score if I already pay one debt?
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riobard
Apprentice
Joined: 09 Sep 2005
Posts: 1
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 Posted: 08/30/08 - 10:19 Post subject: |
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| Hi! I have held some loans in the past, and I still have a running unsecured loan at the moment. This particular loan is set to finish in a little more than a year's time. Now I am intending to apply for a mortgage and I am wondering if I could still get the maximum FICO score if I already pay one loan? |
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archibaldo
Apprentice
Joined: 05 Jul 2007
Posts: 1
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| Posted: 09/14/08 - 04:41 Post subject: |
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| Having a running loan in itself is no obstacle to which FICO score you get, to the contrary. Having had a history of credit, and always having paid bills and loans on time helps you to gain a higher score - it gives you a good track record. Having said that, you are unlikely to get the maximum score. Hardly anyone gets that. |
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nert
Apprentice
Joined: 27 May 2005
Posts: 1
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| Posted: 09/28/08 - 23:03 Post subject: |
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| I think that one of the major things that FICO scores do is to work out how likely you are to stop paying off your loan or credit. If you have always done this on time before, then I think having a loan is not a problem at all. I have got a loan while already having one, so that probably says enough, right? |
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