i was approved for a $3,000 at CONNs for those who dont know CONNs is like a furniture store but they report to equifax and transunion ( know this because i saw my girlfriend's report...)
so i told the sales guy that i was rebuiding my credit so he suggested to make 2 contracts ...example... $1000 for a tv and $500 for a tablet so conns will report on two different accounts,
my question isdoes it help having 2 accounts with the same creditor? is it better than 1 single account or its just not worth having both contracts??
hope id explain my self well...
Starting Score: 462 
journey started on 3/29/2013
It should report as two separate accounts. For example, I have three different Capital One cards and they all report as individual lines of credit.
i guess is as installment but not sure.
whats the difference between those?
i have a famsa credit line and reports as installment
 | FAMSA INC | More about this account >> |
 | TransUnion | Experian | Equifax |
| Account #: | 78133600381**** | 78133600381**** | |
| Condition: | Open | Open | |
| Balance: | $534 | $445 | |
| Type: | Installment sales contract | Installment sales contract |
@cyberone28 wrote:i guess is as installment but not sure.
whats the difference between those?
i have a famsa credit line and reports as installment
FAMSA INC More about this account >>
TransUnion Experian Equifax Account #: 78133600381**** 78133600381**** Condition: Open Open Balance: $534 $445 Type: Installment sales contract Installment sales contract
Installment loans carry very little weight in fico scoring so IMHO
One TL will do so should you ever need an installment line again the $3000 looks better than 2 $ 1500 TL's with the same dates on them...other may feel differently tho
you guys think is better to have 2 separete accounts reporting with same creditor or just 1??
@myjourney wrote:
@cyberone28 wrote:i guess is as installment but not sure.
whats the difference between those?
i have a famsa credit line and reports as installment
FAMSA INC More about this account >>
TransUnion Experian Equifax Account #: 78133600381**** 78133600381**** Condition: Open Open Balance: $534 $445 Type: Installment sales contract Installment sales contract Installment loans carry very little weight in fico scoring so IMHO
One TL will do so should you ever need an installment line again the $3000 looks better than 2 $ 1500 TL's with the same dates on them...other may feel differently tho
Oh and the difference is installments are closed after full payment is made
Revolving lines such as CC's you can constantly borrow from....
actually they will NOT be reporting the same date, he told me he can make one payment to report on the 20 and the other on the 30 that i could chose the date..
i dont want the whole $3000 i just want something to report on my credit any way the inquiry is alredy on my CREDIT REPORT probably ill get $1200 on 2 accounts.. but seing your comment i dont think it will help having 2 installments..
It helps with your credit mix. If you want the furniture, then I would do it. If not, then I wouldn't get the loans just to have installments on your CR.
EX:694 TU:744 EQ:777