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DallasLoanGuy said in the mortgage forum that "the amount of your credit lines are ZERO part of the approval process" for a mortgage and "I like to see 12 months" of an installment loan. So that's where I came up with a small 12-month installment loan. I would have cards in addition to that, of course.
As for how quickly I pay off the loan, how would anyone know once it's all paid and closed? Wouldn't they just see a $500 loan, $0 balance, closed, with 12 OKs in a row?
I think it is good idea for ur planning.
How many interest you have to pay for these $11 in 11 month?
I was told one 12-month loan of any value would be sufficient.
Who told you that? Before I got my mortgage (1998) I had never had an installment loan. My mortgage is through Chase and, at that time, all they cared about was my income and debt-to-income ratio. My credit file consisted of a bunch of revolving accounts.
DallasLoanGuy told me that. While I doubt it's necessary, I do believe it helps your FICO score by way of credit mix, and is especially helpful for the slightly different FICO models used by Desktop Underwriter that weight installment loans more heavily. Plus, on a manual review, it's probably nice to see that a borrower has demonstrated that they can make regular monthly payments over a long term, which is a different behavior than using a credit card.