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djse7en
Posts: 91
Registered: ‎05-13-2009

The Future of credit card mix and maximizing scores

[ Edited ]

I understand that one part of Fico scoring comes from a good credit mix. In the future, like I think every one else here wants is to maximize their scores if possible. I wonder by the credit card mix I have what changes i should make in the future if any, here is what I currently have. If I keep the worst cards for a while I don't want to dump them then get hit hard latter on with a nasty score drop.

 

Best Buy Reward Zone MC Gold - Opened 01/08 starting CL 300.00 current CL 450.00 79 AF

Target Red Card Opened 06/09 CL 200.00

Exxon/Mobile Personal Card Opened 05/09 CL 200.00

Capitol One Platinum MC Opened 05/09 CL 200.00 39 AF enrolled in credit steps

ECP/Military Star Card Opened 07/01 Starting CL 500.00 Current CL 5,200.00

NFCU Rewards Visa Opened 08/09 CL 10,000.00

Message Edited by djse7en on 09-03-2009 11:12 PM

Starting Score: 541
Current Score: TU 719 EQ 706 EX fako 726
Goal Score: 720 all most there


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MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: The Future of credit card mix and maximizing scores

I understand that one part of Fico scoring comes from a good credit mix.

 

That credit mix includes revolving credit, installment loans, and mortgages.

 

 

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783

 

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

Contributor
djse7en
Posts: 91
Registered: ‎05-13-2009

Re: The Future of credit card mix and maximizing scores

[ Edited ]

I guess I should have detailed my post a little I have a installment loan that that was never late and paid off and should report for another nine years the only thing I have never had is a mortgage and this is why I am working hard on my scores to maximize them for the best Interest rate when I try to buy my first house when I come back home from my deployment that won't be till sometime in 2012 hopefully. I guess I just want to focus on my cards for them i.e.. The low limits high apr etc.. Should I Dump some later on and try for the so called prime cards later on etc.. Thanks marinevietvet for you post

Message Edited by djse7en on 09-03-2009 11:31 PM

Starting Score: 541
Current Score: TU 719 EQ 706 EX fako 726
Goal Score: 720 all most there


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cobaltnv
Posts: 640
Registered: ‎09-02-2008

Re: The Future of credit card mix and maximizing scores

I would suggest dumping the best buy card, or at least seeing if they will waive the AF. $79 a year fro a $450 CL is hardly worth it, IMO.
TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: The Future of credit card mix and maximizing scores


cobaltnv wrote:
I would suggest dumping the best buy card, or at least seeing if they will waive the AF. $79 a year fro a $450 CL is hardly worth it, IMO.

Agree with this.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: The Future of credit card mix and maximizing scores

Are you career military? (sounds like you are.) Will you still be able to keep your Star card after you retire or separate?

Its history is by far your oldest, so that's the one to hang on to to avoid future regrets. I agree with the others that you can let the BB MC go, especially if they won't waive your AF.

What's keeping down your scores for now? (util, etc.) Once you get into the 700's, you can start improving your CC collection. You'll want to wait until you can attract the best offers. In the meantime, do you belong to USAA? If not, I'd join them and get something going like renter's insurance, Roth IRA, etc. No hurry on getting credit products now, but USAA definitely rewards those who've been with them for a while. The sooner you join, the sooner they'll start waving goodies at you.

With 2 1/2 - 3 years to go before you start mortgage shopping, you should be fine. That's plenty of time to let lates fade and so forth, and then pick up a few cards from the majors.

That's a long deployment!!! Good luck, stay safe, God bless, and thanks for what you do.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Frequent Contributor
CreditCard101
Posts: 401
Registered: ‎02-23-2009

Re: The Future of credit card mix and maximizing scores

[ Edited ]

Bestbuy with a $79 AF for a credit line of $450. Dump that [Edited to remove profanity] in the trash. If I were you I wouldn't bother to open for that much CL and high AF..

 

CreditCared 101, please note that it In the spirit of a healthy and helpful community, profanity and other inappropriate postings are not tolerated.

Message Edited by LilMirth on 09-06-2009 10:14 AM
Contributor
djse7en
Posts: 91
Registered: ‎05-13-2009

Re: The Future of credit card mix and maximizing scores

Yeah I know the AF to CL is not good AF's suck period but I had received a pre approval offer in 01/08 and was approved the only other card I had at the time was my military star card and it was only 500.00 so I did not have a visa or MC at the time, and my scores were horrible. Well since improving my credit I have the other cards now all low limits except my new NFCU card biggest CL I have ever had in my life. I just wondered about my cards because I know prime are different then CU cards with the way fico scores. All my credit reports say is that I have cards with low limits so that is hurting me and lenders look at them and won't extend good CL's and I think my capone card if I do get two credit step increases will not get any bigger then 750.00. The gas card and target card probable won't grow either. Just want to shoot for a good mix.


Starting Score: 541
Current Score: TU 719 EQ 706 EX fako 726
Goal Score: 720 all most there


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