Credit Card Center Advertiser Disclosure

Posts: 8
Registered: ‎12-10-2008
0 Kudos

Question on credit mix and student loans

Newbie here -- but I have been reading!


I have a question on the credit mix -- do student loans count as an installment loan?  My husband and I are looking to buy a home in about 2 years and we are working diligently to increase our credit score.  We are a little confused on the "ideal" credit mix.  Right now we have 2 secured CapOne cards and a bunch of student loans.  We are thinking we need to add at least one more credit card (also working to increase the credit limit on the ones we have).  Do we also need to add an auto loan or personal loan?  We talked about doing a USAA secured CD loan but aren't sure that would help.


The student loans aren't consolidated -- so they show as a tons of separate accounts (~14 accounts).  Would that hurt -- to have that many student loan accounts and only the two credit cards?


Any help on the credit mix would be great!  Thanks!


Starting Score: EX 541
Current Score: EX 567 EQ 563 TU 605
Goal Score: 610 Across the Board
Epic Contributor
Posts: 22,398
Registered: ‎01-17-2008
0 Kudos

Re: Question on credit mix and student loans

Yes, SL are considered installments.  Getting any other type of installment would not help.


It isn't really the number of CC you have or the CLs but how you manage them.

Established Contributor
Posts: 746
Registered: ‎11-27-2012
0 Kudos

Re: Question on credit mix and student loans

They are installment loans. If you have many different loans (a set of loans is issued each semester) you might consider consolidating them which often results in a lower monthly payment and two loans-one subsidized and one unsubsidized. Another installment loan isn't going to do much for you in terms of credit mix, revolving accounts give you a bigger bang for your buck score wise if used appropriately.



Current Score: TU: 674 | EQ: 722 | EX: 717 | Last Inq. 2/16/15...Locked Up in The Garden
NFCU Cash Rewards $14K | Chase Sapphire Preferred $5K | Amex Blue Cash Preferred $6K | Cap1 Quicksilver One Visa $9K

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.