07-19-2013 02:24 PM
07-19-2013 02:41 PM
Having a mtg or auto loan does help but you also should have a healthy mix of cc's. letting at least 1 cc report a balance is deemed ideal.
07-19-2013 03:08 PM
For me, my mortgage loan (Oct) basically had little impact on my score on EQ and TU, but my EX score tanked. I cant definately say thats the reason since I have 0 balance on all my cards and last time I pulled that was actually listed as a negative only on EX but the amount the score decreased makes me think that the mortgage loan contributed to the drop.
From what I read on this forum, my score will increase once a good pattern of payment is reported on my mortgage loan. Im going to try and leave a nominal balance <9% on one of my cards and see what that does.
07-19-2013 03:13 PM
If it does, then I don't need to keep a balance on any of my cards to increase my CS.
It's not an either-or thing. Every factor matters. Low utilization and a mix of credit will help your credit score -- among other things as well.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO