It is considered consumer financing, or charge account. Note the old les schwab in my signature. It is considered charge account, not charge card. The back side of fico puts charge accounts in a lowers scoring bucket than credit cards. Too many (like two 
) will hinder your score.
They are considered revolvers also, and will not change the mix of credit part of scoring. For that, I started an installment loan with my credit union, 500 for 48 months, 11.12 monthly payment (so as not to hurt DTI). It still gives fico reason of installment loan balance to high, but by second month (since it's my only installment account) already seeing dividends to score padding. The apr's for secured loans are about the same as excellent credit for auto and home.
I am going to open another savings account (already have two plus one brokerage account), with alliant credit union. They have great rates, and when this loan is 6 months away from being paid off, open another one with them.
Hope that helps.
) will hinder your score.They are considered revolvers also, and will not change the mix of credit part of scoring. For that, I started an installment loan with my credit union, 500 for 48 months, 11.12 monthly payment (so as not to hurt DTI). It still gives fico reason of installment loan balance to high, but by second month (since it's my only installment account) already seeing dividends to score padding. The apr's for secured loans are about the same as excellent credit for auto and home.
I am going to open another savings account (already have two plus one brokerage account), with alliant credit union. They have great rates, and when this loan is 6 months away from being paid off, open another one with them.
Hope that helps.
@Imperfectfuture wrote:
It is considered consumer financing, or charge account. Note the old les schwab in my signature. It is considered charge account, not charge card. The back side of fico puts charge accounts in a lowers scoring bucket than credit cards. Too many (like two
They are considered revolvers also, and will not change the mix of credit part of scoring. For that, I started an installment loan with my credit union, 500 for 48 months, 11.12 monthly payment (so as not to hurt DTI). It still gives fico reason of installment loan balance to high, but by second month (since it's my only installment account) already seeing dividends to score padding. The apr's for secured loans are about the same as excellent credit for auto and home.
I am going to open another savings account (already have two plus one brokerage account), with alliant credit union. They have great rates, and when this loan is 6 months away from being paid off, open another one with them.
Hope that helps.
hrmmmmmm...
I too have an installment loan through my CU. Both Auto Loans on my files are closed in good standing. So i guess my question is...
Auto Loan vs Installment Loan???
I'm thinking of adding a new car this year, will it add to mix even if i have an installment loan reporting???
@Imperfectfuture wrote:
It is considered consumer financing, or charge account. Note the old les schwab in my signature. It is considered charge account, not charge card. The back side of fico puts charge accounts in a lowers scoring bucket than credit cards. Too many (like two
They are considered revolvers also, and will not change the mix of credit part of scoring. For that, I started an installment loan with my credit union, 500 for 48 months, 11.12 monthly payment (so as not to hurt DTI). It still gives fico reason of installment loan balance to high, but by second month (since it's my only installment account) already seeing dividends to score padding. The apr's for secured loans are about the same as excellent credit for auto and home.
I am going to open another savings account (already have two plus one brokerage account), with alliant credit union. They have great rates, and when this loan is 6 months away from being paid off, open another one with them.
Hope that helps.
Agreed.
@elim wrote:
@Imperfectfuture wrote:
It is considered consumer financing, or charge account. Note the old les schwab in my signature. It is considered charge account, not charge card. The back side of fico puts charge accounts in a lowers scoring bucket than credit cards. Too many (like two
They are considered revolvers also, and will not change the mix of credit part of scoring. For that, I started an installment loan with my credit union, 500 for 48 months, 11.12 monthly payment (so as not to hurt DTI). It still gives fico reason of installment loan balance to high, but by second month (since it's my only installment account) already seeing dividends to score padding. The apr's for secured loans are about the same as excellent credit for auto and home.
I am going to open another savings account (already have two plus one brokerage account), with alliant credit union. They have great rates, and when this loan is 6 months away from being paid off, open another one with them.
Hope that helps.hrmmmmmm...
I too have an installment loan through my CU. Both Auto Loans on my files are closed in good standing. So i guess my question is...
Auto Loan vs Installment Loan???
I'm thinking of adding a new car this year, will it add to mix even if i have an installment loan reporting???
It will add, but one can substitute mortgages, auto loans, and regular bank loans also. In your case, should be sitting pretty. I don't want to buy a car(yet), and too old to consider a mortgage, so secured installment loans give me that kick.
@elim wrote:
I too have an installment loan through my CU. Both Auto Loans on my files are closed in good standing. So i guess my question is...
Auto Loan vs Installment Loan???
I'm thinking of adding a new car this year, will it add to mix even if i have an installment loan reporting???
Auto loans and installment loans are considere the same for FICO scoring.
Adding installment loans has a diminishing return. Most people say 2 is the most bang for the buck while 3 installment loans will give you a boost but less so.
As for the Kohl's card, it's one of the greatest store cards out there due to the exclusive member discounts they give you just because.
Kohl's right now has a 30% off promo for cardholders code: NEWYEAR30
Plus free shipping code: SHIPPINGMVC
It's STOREWIDE; flat 30% off everything just because you have a Kohls card
With 30% off and free shipping, I basically saved 33% on my Kohl's purchase while others are raving about getting 5% back from Sallie Mae.
To each his own 
@Anonymous wrote:
@elim wrote:
I too have an installment loan through my CU. Both Auto Loans on my files are closed in good standing. So i guess my question is...
Auto Loan vs Installment Loan???
I'm thinking of adding a new car this year, will it add to mix even if i have an installment loan reporting???
Auto loans and installment loans are considere the same for FICO scoring.
Adding installment loans has a diminishing return. Most people say 2 is the most bang for the buck while 3 installment loans will give you a boost but less so.
As for the Kohl's card, it's one of the greatest store cards out there due to the exclusive member discounts they give you just because.
Kohl's right now has a 30% off promo for cardholders code: NEWYEAR30
Plus free shipping code: SHIPPINGMVC
It's STOREWIDE; flat 30% off everything just because you have a Kohls card
I basically saved 33% on my Kohl's purchase while others are raving about getting 5% back from Sallie Mae.
To each his own
Yeah but Kohls pulls EX.
@Anonymous wrote:
Yeah but Kohls pulls EX.
True, I'm stuck with that sucka for 2 years. On a sidenote, I'm finally seeing some housecleaning on EQ, quite happy bout that
i don't agree with wasting an EX on some cheapo store card but both Kohls and 30% + free shipping is hard to resist.
And they do this 30% off like 2-3 times a year. I bought a mini-fridge and a knife set since mines were old.
Saved like $200 with free ship.
@Anonymous wrote:
@Anonymous wrote:Yeah but Kohls pulls EX.
True, I'm stuck with that sucka for 2 years. On a sidenote, I'm finally seeing some housecleaning on EQ, quite happy bout that
i don't agree with wasting an EX on some cheapo store card but both Kohls and 30% + free shipping is hard to resist.
And they do this 30% off like 2-3 times a year. I bought a mini-fridge and a knife set since mines were old.
Saved like $200 with free ship.
Hehe... 
Yeah, i've seen some stuff at kohl's that I like, but they send us their ad's all the time with 20% coupons.