Credit Mix - What should I get?

[SOGGIE]

I learned to only acquire what is needed. A sick feeling comes over you once a loan is paid in full as you will see a drop in score (approx 20 pts.) because the installment account is paid in full. I am not playing that game. I do just fine with my revolvers. Their are plenty of consumers who do just as well by not adding installments for the purpose of meeting the 'credit mix' trick.

[Anonymous]

Too often in these forums I find people overly concerned with score.  Sometimes, it's for good reason... like if you have a 600 score and are aiming for an excellent credit score.

People that have a 820 score though that see a drop to 800 because they pay off a loan that freak out over it... it's really unnecessary.  780, 800, 820, 840; all of these scores are essentially identical in terms of what a creditor or lender will do for you.  Adding an installment loan just to get back to 820 aside from being mentally satisfying on an individual level really accomplishes nothing.

If you're talking someone "on the cusp" with say a 720 credit score +/- 20 points, I completely understand trying to maximize things such as utilization and credit mix as a difference in score there could wind up being more significant.