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Frequent Contributor
USF813
Posts: 317
Registered: ‎06-04-2013

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?
Chapter 7 Discharged 12/2009
FICO EQ: 693 (5/23/14)
FICO TU: 680 (Barclays TU 5/23/14)
FICO EX: 667 (as of 5/23/14)
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Frequent Contributor
Slab
Posts: 283
Registered: ‎12-16-2011

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 779, Transunion FICO 821, Experian FICO 807, Average 802

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Frequent Contributor
USF813
Posts: 317
Registered: ‎06-04-2013

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.
Chapter 7 Discharged 12/2009
FICO EQ: 693 (5/23/14)
FICO TU: 680 (Barclays TU 5/23/14)
FICO EX: 667 (as of 5/23/14)
NFCU GoRewards $7.5k, Barclays US Airways $5k, Chase IHG $2k, DCCU Visa $1.5k.

New Contributor
GatorGuy
Posts: 351
Registered: ‎06-02-2013

Re: Tradeline mix question

[ Edited ]

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
Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012

Re: Tradeline mix question

I thought the trade line stays for 10 years after it is closed.
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Frequent Contributor
frugalQ
Posts: 479
Registered: ‎03-23-2012

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.
Capital One Platinum 0/2.5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 0/7K - Amex BCP 0/8.5K - Chase Freedom 0/3K - Discover IT 0/6.5K - LOC 0/2.5K
Frequent Contributor
USF813
Posts: 317
Registered: ‎06-04-2013

Re: Tradeline mix question

The auto loan was paid and closed in 2004. My Honda is a 1997....and still going strong.
Chapter 7 Discharged 12/2009
FICO EQ: 693 (5/23/14)
FICO TU: 680 (Barclays TU 5/23/14)
FICO EX: 667 (as of 5/23/14)
NFCU GoRewards $7.5k, Barclays US Airways $5k, Chase IHG $2k, DCCU Visa $1.5k.


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