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Hi All, ive read about scores dropping when an installment loan is paid off and closed. My question is will it benefit me to open another one?
Im trying to qualify for a mortgage by the end of this year. I had one 3 yr auto loan that im about to pay off this month. About 10 months into the loan, it was sold to another bank so i actually have two different tradelines reporting for the same loan on all of my cra's. Both show perfect payment history.
Im concerened that i wont have enough tradelines reporting. When i finally apply for a mortgage, I will have two open credit cards, about 1 year old with perfect payment history and about 5% utilization and then two closed installment loans. Will this be enough or should i look to open another loan?
Your advice is greatly appreciated.