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Established Contributor
Crisis
Posts: 1,028
Registered: ‎02-14-2014
0

Short Term versus Long Term

Hi Everyone,

I really enjoy lurking and reading, and I have been for quite some time.  I'd really appreciate some advice. 

 

My current credit history is exclusively from credit cards.  I have never had a student loan, car loan or mortgage.  I've had 2 cards for 6 years (Chase and Cap1), a First Premier for 2 years, and was just approved for a Barclay card with a $2k limit.  Exp was 717 before the HP from Barclay.  I have higher than usual util atm due to medical bills.

I intend to do CLIs over the next weeks on all cards once I've got the util down to a manageable level again.

 

I have recently started back to college (after a lengthy hiatus).  This semester, I used an installment plan to pay my tuition in full.  As the school I'm currently attending is a community college, my tuition is low at the present and this is possible.  Should I take student loans anyway for the sake of diversifying my credit score? 

 

I intend to purchase my first car in a few months, but I'd also like to do a little gardening.  What are your thoughts?  How significant would multiple pulls be?  My long term goal is to buy a house in about 3 years.

 

Thank you for sharing your time and information!

Valued Contributor
gdale6
Posts: 9,476
Registered: ‎12-13-2013
0

Re: Short Term versus Long Term


Crisis wrote:

Hi Everyone,

I really enjoy lurking and reading, and I have been for quite some time.  I'd really appreciate some advice. 

 

My current credit history is exclusively from credit cards.  I have never had a student loan, car loan or mortgage.  I've had 2 cards for 6 years (Chase and Cap1), a First Premier for 2 years, and was just approved for a Barclay card with a $2k limit.  Exp was 717 before the HP from Barclay.  I have higher than usual util atm due to medical bills.

I intend to do CLIs over the next weeks on all cards once I've got the util down to a manageable level again.

 

I have recently started back to college (after a lengthy hiatus).  This semester, I used an installment plan to pay my tuition in full.  As the school I'm currently attending is a community college, my tuition is low at the present and this is possible.  Should I take student loans anyway for the sake of diversifying my credit score? They help some in the mix of credit category as an install loan but your biggest bang is from revolvers in the utilization category (30% of score) the other biggie is payment history (35%) so after a few SLs I dont think taking more out just for CR help would be advisable why pay interest of you dont have to...

 

I intend to purchase my first car in a few months, but I'd also like to do a little gardening.  What are your thoughts?  As long as you can afford it  along with all your other payments there should be no problem How significant would multiple pulls be?  All the auto related pulls within a 2 week period would score as 1 by FICO, you may be denied for too many inquiries in the future but that can be overcome on recon as you would just let them know they were all for your auto loan. My long term goal is to buy a house in about 3 years.

 

Thank you for sharing your time and information!


 

EX Cred Ses 12/14: 796 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 12/14: 858
EQ Fico 05/14 781 ; EQ MPM 12/14: 750
TU Fico 8 12/14: 719; TU MPM 06/14 706

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