Do I have too many accounts?

Anonymous · ‎12-15-2009

I am trying to assess if I have the right balance of credit. These are the accounts I have:

1 Mortgage

1 car loan

9 sallie mae loans

1 us dept of ed loan

1 discover card

1 walmart card

1 target card

Do I have too many installments versus revolving accounts?

Anonymous · ‎12-16-2009

Can nobody answer this question for me?

MarineVietVet · ‎12-16-2009

@Anonymous wrote:
I am trying to assess if I have the right balance of credit. These are the accounts I have:

1 Mortgage
1 car loan
9 sallie mae loans
1 us dept of ed loan
1 discover card
1 walmart card
1 target card

Do I have too many installments versus revolving accounts?

You have loans of every type. FICO likes to see that although credit mix is only 10% of your total score. I really don't think there is one best ratio of one type vs. another. (I say that subject to correction of course ) As long as you keep paying on time and keep your usage low and let everything age you'll be fine.

7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

CC interest free as of 8/09
"Hello my name is Sandy and I'm a recovering crediholic".

Jazzzy · ‎12-16-2009

@Anonymous wrote:
I am trying to assess if I have the right balance of credit. These are the accounts I have:

1 Mortgage
1 car loan
9 sallie mae loans
1 us dept of ed loan
1 discover card
1 walmart card
1 target card

Do I have too many installments versus revolving accounts?

Hi heather,

It seems to me that you have a good mix. Have you checked your FICO scores? I don't think you will hear anything negative about this mix.

You may want to eventually look at a VISA, MasterCard, or AmEx at some point. Discover is accepted most places, but not all. That's the same with AmEx. VISA and MasterCard are accepted almost everywhere. If you decide to apply for something, do some thinking and researching first.

Your question was whether you have too many accounts. No...you don't. I have school loans for grad school added on to my regular life's accounts. I've got almost twice as many accounts as you do. Will you be consolidating any of the school loans? That will get rid of a few.