Will adding a charge card to the mix impact your score?

[MissCredit9]

I know that one of the factors in FICO scoring is having a good mix of credit. Since I dont have a mortgage or any other types of loans past or present I am trying to diversify as much as possible. I only have bank cards, store cards, and now a charge card. My question is wether or not the adding of the charge card could affect my score in a positive way?

[enharu]

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@MissCredit9 wrote:

I know that one of the factors in FICO scoring is having a good mix of credit. Since I dont have a mortgage or any other types of loans past or present I am trying to diversify as much as possible. I only have bank cards, store cards, and now a charge card. My question is wether or not the adding of the charge card could affect my score in a positive way?

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i may be wrong, but based on my understanding, the way where charge cards affects one's score in a positive way is that the balance is not factored into utilization calculations (except for that 1 TU scoring model).

[w003ptr]

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@MissCredit9 wrote:

I know that one of the factors in FICO scoring is having a good mix of credit. Since I dont have a mortgage or any other types of loans past or present I am trying to diversify as much as possible. I only have bank cards, store cards, and now a charge card. My question is wether or not the adding of the charge card could affect my score in a positive way?

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Some (all?) store cards report as charge cards so any difference is not because you added a new "type" of credit.

[gdale6]

The types of credit (mix of) to my knowledge are: Revolving Cards, Installment Loans & Mortgage Loans. Adding the card you did will help with the revolving category over time.

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@MissCredit9 wrote:

I know that one of the factors in FICO scoring is having a good mix of credit. Since I dont have a mortgage or any other types of loans past or present I am trying to diversify as much as possible. I only have bank cards, store cards, and now a charge card. My question is wether or not the adding of the charge card could affect my score in a positive way?

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[coldnmn]

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@enharu wrote:

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@MissCredit9 wrote:

I know that one of the factors in FICO scoring is having a good mix of credit. Since I dont have a mortgage or any other types of loans past or present I am trying to diversify as much as possible. I only have bank cards, store cards, and now a charge card. My question is wether or not the adding of the charge card could affect my score in a positive way?

---

i may be wrong, but based on my understanding, the way where charge cards affects one's score in a positive way is that the balance is not factored into utilization calculations (except for that 1 TU scoring model).

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+1

[MissCredit9]

Thanks guys. I appreciate the input. Trying to get past 750 this year, would love to join the 800 club actually but my credit is waaaaaay too young for that.

[user5387]

A mix of credit may help you, but I don't think I'd go out of my way to get it.

It's possible to have 800+ scores with only conventional revolving CCs, and no charge cards, installment loans, mortgages, auto loans, etc.