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Trying to achieve a good credit mix

Established Member

Trying to achieve a good credit mix

I'm trying to optimize my credit mix to achieve growth with my credit score as fast as possible. Currently I have two credit cards, a car loan and some student loansreports how up on my report. I have a Walmart card with a 2800 CLI, I was approved for a Discover card about a week ago with a 5000k limit, about 8500 remaining on my car loan and the student loans. I'm 23 with a TU score of 737 and an EQ of 736 (as reported by discover), myfico has the EQ at 717. As I said I'm trying to obtain a good credit mix. Any advice would be much appreciated.

Message 1 of 13
12 REPLIES
Frequent Contributor

Re: Trying to achieve a good credit mix


turnerte wrote:

I'm trying to optimize my credit mix to achieve growth with my credit score as fast as possible. Currently I have two credit cards, a car loan and some student loansreports how up on my report. I have a Walmart card with a 2800 CLI, I was approved for a Discover card about a week ago with a 5000k limit, about 8500 remaining on my car loan and the student loans. I'm 23 with a TU score of 737 and an EQ of 736 (as reported by discover), myfico has the EQ at 717. As I said I'm trying to obtain a good credit mix. Any advice would be much appreciated.


opening one more credit card (preferably a bank card since you already have a walmart cc) would be optimal from a fico scoring perspective. The answers to the questions below would be helpful in determining what would be another good card to open (if you choose to do so).

 

How long has the walmart card been open?

 

Also what does the EQ report you pulled from myFico  say your average age of accounts (AAoA) is?

 

Any late payments? (I'm guessing the answer to this one is no based off of your scores)

 

Do you know the number of inquiries you have across your three reports?

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Message 2 of 13
Frequent Contributor

Re: Trying to achieve a good credit mix

If you have had your other cards longer than 1 year, consider opening one more card. Maybe be a Chase Freedom or Amex BCE.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Message 3 of 13
Established Member

Re: Trying to achieve a good credit mix

I've had the Walmart card for a year and a half. My AAOA is only 2 years. I've really only been focused on growing my credit score for about 7 months so most of my accounts are fairly new. No late payments, I pay off the full balance every month and typically make the payment 2 weeks early. The total amount of inquiries that show on myfico is 4, but only 2 in 2012, and one of those was for the discover card that I opened a week ago. I don't think I'm doing too bad. My score was 650 when I started paying attention to it and it's grown to where it is now. I would just like to grow my score as much as I can.

Message 4 of 13
Frequent Contributor

Re: Trying to achieve a good credit mix

I think you'd defintely be able to get approved for chase freedom if you wanted. Maybe amex bce as well, but a definite approval for an amex charge card.

 

citi forward and bofa cash/travel rewards are cards you would likely be approved for as well.

 

edit- I'd wait until discover is reporting that 5k limit to apply for anything else, as your starting limit on any new card would likely be higher (especially with any chase card)

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Message 5 of 13
Established Member

Re: Trying to achieve a good credit mix

Ok great, I'll definitely look into some of those card options. Do you know of any cards that give you a monthly credit score like the Walmart card does? I get a free fico TU score every month. It's pretty accurate from my experience. I'd like to get a card that would do something similar so I can compare my scores. 

Message 6 of 13
Frequent Contributor

Re: Trying to achieve a good credit mix


turnerte wrote:

Ok great, I'll definitely look into some of those card options. Do you know of any cards that give you a monthly credit score like the Walmart card does? I get a free fico TU score every month. It's pretty accurate from my experience. I'd like to get a card that would do something similar so I can compare my scores. 


What state do you live in?

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Message 7 of 13
Frequent Contributor

Re: Trying to achieve a good credit mix


turnerte wrote:

Ok great, I'll definitely look into some of those card options. Do you know of any cards that give you a monthly credit score like the Walmart card does? I get a free fico TU score every month. It's pretty accurate from my experience. I'd like to get a card that would do something similar so I can compare my scores. 


No major bank cards that I know of provide you with a free monthly fico score

 

However, DCU provides its members with a free eq score each month, and PSECU gives its members a free ex fico each month

 

 

 

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Message 8 of 13
Established Member

Re: Trying to achieve a good credit mix

I live in Oklahoma. 

Message 9 of 13
Frequent Contributor

Re: Trying to achieve a good credit mix

Technically, you are only eligible to join psecu if you are a pennsylvania resident (which I beleive is why the question about where you live came up).

 

However, some posters have reported being able to join even though they do not live in PA

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Message 10 of 13