I wonder ... do I really need a charge card and loan to increase my score?
My FACO (from Chase Identity Protection) score factors tells me:
The total credit extended to you in your 0 retail account(s) is impacting your credit score. These are revolving accounts issued by retail stores (e.g. clothing, electronics, and sporting goods stores that offer a charge card). They are typically accessed via a credit card. There is a credit limit, the balance can be carried over from month to month, and the minimum monthly payment is calculated on a percentage of the unpaid balance. Lenders like to see a good mix of account types and loans on a credit report with all accounts showing good payment history. They want to see that other lenders have extended you credit and that you have managed it with care. A low amount of credit extended in any one type of account may indicate an inability to establish credit. It may also make it difficult to gauge credit worthiness and your ability to manage debt. An additional account of this type or a higher limit from one of your existing accounts may help increase your score. However, taking on more debt than you can handle will almost always negatively impact your score to a greater degree than not having enough debt. |
| The total credit extended to you in your 0 bank installment loan(s) is impacting your credit score. Installment loans are loans that have equal payments over a fixed period. The full loan amount is given to the borrower at the beginning of the term and the borrower then makes payments until the loan in repaid. Mortgages, auto loans, and furniture loans are examples of installments. Lenders like to see a good mix of account types and loans on a credit report with all accounts showing good payment history. They want to see that other lenders have extended you credit and that you have managed it with care. A low amount of credit extended in any one type of account may indicate an inability to establish credit. It may also make it difficult to gauge credit worthiness and your ability to manage debt. An additional account of this type or a higher limit from one of your existing accounts may help increase your score. However, taking on more debt than you can handle will almost always negatively impact your score to a greater degree than not having enough debt. |
As of 08/31/10 ... Your credit score between 150 ~ 930
- Equifax 805 (Good 600 ~ 850)
- Experian 841 (Good 600 ~ 850)
- TransUnion 841 (Good 600 ~ 850)
my FACO target is 850 ~ up (Very Good 850 ~ 930)
My open accts:
CL Util
8.6k 4.488 % Chase Freedom VISA
8.6k 2.918 % Citi Driver's Edge MC
2.5k 2.160 % Discover More
* Total charge is $691.
* The util changes in between three ccs it depends on the 5% Cash Back Bonus schedules, and PIF by due dates.
9.0k 0.000 % Chase Freedom World MC (*reports highest of 5,232)
* Monthly Auto Bill Payments (about $200) only, PIF before closing date.
8.0k 0.000 % Amex Blue
6.0k 0.000 % Chase Credit Card (Wa-Mu Platinum)
5.0k 0.000 % NFCU nRewards VISA
3.0k 0.000 % NFCU cashRewards VISA
* Small ($1 ~ $5) monthly charge on these accts and PIF before closing dates.
Balance of 4k Student Loan
I have seven closed accts: Auto/Personal Loans, Sam's Club CC etc.
*One of this was tricked by Sleep Train employee in 03/09'. He wanted make a sale and to see how much I will be qualify, then told me that I can purchase up to 4k. Later, I received a Sleep Train card issued by Citi with 4k CL. 
and 
I did not purchase any, and Citi closed this acct in 04/09'.
and I did not purchase any, and Citi closed this acct in 04/09'.I will need an Auto Loan one day for replacement. (98' Toyota Corolla is still running good, for now)
Inquiries: all of these will be disappear by 05/2011.
EQ 04/30/09
EX 02/05/09, 03/11/09
Thank you everyone!
