What is a good credit mix for max fico score?

thorice · ‎01-10-2008

I have 3 credit cards 1 firestone credit card and no installment accounts.

SmartCookie · ‎01-10-2008

I do pretty well with just cc's (added store cards for the first time a few months back) and an LOC on my checking account. I might have a car loan this year (or not) but won't be seeing a mortgage for a while.

FICO08... who knows what that will do.

Message Edited by SmartCookie on 01-10-2008 07:53 PM

EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***

Anonymous · ‎01-10-2008

For what's it's worth, I have three mortgages, two closed, one open. Two closed car loans (one was actually a lease). One student loan, paid. Two charge accounts, one GEMB, one American General. Five closed CC's, one open CC and one AU CC.

edit: oh, and the electric company reports two accounts, one closed, one open to TU only.

Message Edited by krystofur on 01-10-2008 05:18 PM

SmartCookie · ‎01-10-2008

krystofur wrote:
For what's it's worth, I have three mortgages, two closed, one open. Two closed car loans (one was actually a lease). One student loan, paid. Two charge accounts, one GEMB, one American General. Five closed CC's, one open CC and one AU CC.

And a partridge in a pear treeeeeeeee.

G'luck on getting the closed accounts opened krystofur... I'm watching that thread.

EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***

Anonymous · ‎01-10-2008

They all say the mix helps, but then I wonder, especially if you have a car loan that is brand new, so your balance is over 90% of the original loan amount.....but as you pay it down the score should go up.

If you can do it, and need to like most of us, I would finance a car. It certainly should help. Even if for 2-3 years.

But the big items to help the score is of course, NO late payments, no public records and a file that is at least several years old. And of course, at least one open and current credit account, i.e. credit card.

Anonymous · ‎01-10-2008

SmartCookie wrote:

And a partridge in a pear treeeeeeeee.

G'luck on getting the closed accounts opened krystofur... I'm watching that thread.

LOL, thanks.

haulingthescoreup · ‎01-10-2008

Having an installment loan helps the mix. The util on loans is looked at some, but it's not nearly as big of a deal as revolving util. If you don't want to commit to a car loan (and I sure wouldn't do that just to placate the FICO scoring gods), look into a small personal loan from a credit union --finance a Roth 401K for last year, maybe. Things to remember:

--don't get a consumer finance loan. These are the ones offered by furniture stores, for instance, and companies with "finance" in their names (Citifinancial, Wells Fargo Finance, etc.) CFL's count against you in scoring, as they are considered indicators of desperation. Also, their APR's are frequently crazy.

--take more than 6 months to pay it off.

Are you getting grumpy comments on your FICO scores (not your FAKO's) about not having installments on your reports? Two of my three kids don't have any loans, and one gets carped at, and the other doesn't.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎01-10-2008

haulingthescoreup wrote:
--don't get a consumer finance loan. These are the ones offered by furniture stores, for instance, and companies with "finance" in their names (Citifinancial, Wells Fargo Finance, etc.) CFL's count against you in scoring, as they are considered indicators of desperation. Also, their APR's are frequently crazy.

My charge accounts are these types, one for funiture (American General Finanace) and one for my snow blower (TORO/GEMB). What makes you think they would count against me? Not that I'd complain, I'll be paying one off next month (the 0% runs out) and would love to see a score jump.

The APR's are nuts. I'm paying mine off a month early just so I don't chance a late payment. All that back interest would amount to a full third of the purchase price.

haulingthescoreup · ‎01-10-2008

A snotty comment from FICO found on reports:

Consumer finance account: Only 12% of FICO High Achievers have a consumer finance account.

I have a WFF loan on my reports, and I haven't gotten this comment, but others here have. (I think that's because FICO is too busy carping about my lates.)

From what I've seen, they don't hurt all that much, but for people getting ready to get a loan, these should be avoided.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎01-10-2008

haulingthescoreup wrote:
A snotty comment from FICO found on reports:
Consumer finance account: Only 12% of FICO High Achievers have a consumer finance account.
I have a WFF loan on my reports, and I haven't gotten this comment, but others here have. (I think that's because FICO is too busy carping about my lates.)

From what I've seen, they don't hurt all that much, but for people getting ready to get a loan, these should be avoided.

Interesting, thanks. I haven't received this comment yet either. Any idea if FICO cares if the account is open or not? I'll see what happens when I pay off one of my CFA's but I'm trying not to spend a lot on scores so it may be awhile before I find out.