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Tradeline mix question

Frequent Contributor

Tradeline mix question

Is a mortgage and two Visa cards issued by my CU's enough of a mix? My auto loan is going to fall off April '14 so I'll lose that tradeline. Reason I ask is because I'm thinking of buying a new laptop. I have the cash to pay in full but I was considering getting a personal installment loan. I'm not sure I want another inquiry though - I have 5 total (3 EQ and 2 TU) from apping and CLI my Visa cards). My goal is to either modify my mortgage or possibly refi if harp 3.0 extends to lenders other than Fannie Mae or Freddie Mac (my CU never sold off my mortgage, and they don't currently participate in harp). Thoughts?
Message 1 of 7
6 REPLIES
Frequent Contributor

Re: Tradeline mix question

From my experience, it should not hurt your score. Are you saying the auto loan will be paid off or that your auto loan is paid off and is over ten years old? 

Equifax FICO 781, Transunion FICO 821, Experian FICO 807,

810 goal on all three by 3-1-2015
Message 2 of 7
Frequent Contributor

Re: Tradeline mix question

Auto loan is paid off and it'll hit 10 years old next year. It will also lower the average age of my accounts. My mortgage was opened in '06 and the Visa cards January '13 and April '13.
Message 3 of 7
New Contributor

Re: Tradeline mix question

Your auto loan will show on your CR as paid in full.

 

Edit: Sorry just reread your post where it said it would fall off. I think having a mortgage on there is fine until the time comes you need a new car.

If women didn't exist, all the money in the world would have no meaning. -- Aristotle
Starting Score: 777
Current Score:  761
Goal Score:      800
Message 4 of 7
Valued Contributor

Re: Tradeline mix question

I thought the trade line stays for 10 years after it is closed.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 5 of 7
Valued Contributor

Re: Tradeline mix question

Also, you may want to rethink the strategy of paying for the computer with an installment loan....unless the loan is 0% interest.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 6 of 7
Highlighted
Frequent Contributor

Re: Tradeline mix question

The auto loan was paid and closed in 2004. My Honda is a 1997....and still going strong.
Message 7 of 7