@revvystoke wrote:
I just paid off my only loan recently, as a result my eq fico dropped 4 points, not having a mix of credit. Does the CSR's or analysts give loans any weight when manually reviewing? I would think not having loans shows financial maturity, however from their business perspective it may show not much money is to be made with interest. I was planning to buy a recreational vehicle this fall and use a card and PIF however I can get a loan if it would help with the score, my last interest rate on a similar loan was around 3%. I just like to maximize my scores, no other reasons.
If you can pay cash, pay cash.
It's not worth paying interests and fees associated with underwriting loans, just for a few points boost.
Having previous auto loans (or other loans) history can improve your chances for future auto or related loans, because lenders always want to see how you managed previous debt before cutting you a 4-5 digit check.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
