Reply
Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
0

The Mix

I was wondering about the total fico Mix

 

I have 4 revolvers and I was wondering if

 

having a paid Installment loan would be helpful?

 

 


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: The Mix

IMO, not too much. It's such a tiny part of FICO scoring. Many in here hit into the 800s with just a few CCs and a long history and no loans whatsoever. So, I can't imagine any benefit with 4 CCs already. Also, IMO, it just seems wrong to pay interest on a loan for the sake of a FICO. Now if a mortgage loan is needed or a car loan is needed whereby the mix changes due to an added installment, then that's different, but I wouldn't do it for FICO alone.

 

Backing up for a second........paid? How would you add a paid loan?

Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
0

Re: The Mix

My oldest needed a laptop for college and we went and got her one

 

through Aaron's ( I know) however it was paid off this month after

 

making double monthly payments and they said they would report

 

to the CRAs however if it's going to hurt me I am going to ask them not

 

to do so/


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: The Mix

Do you have any opened or closed loans reporting like a mortgage, car, SLs, etc?

 

Any new account can ding your score. Any benefit would be in the long term.

Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
0

Re: The Mix

No just my revolvers, the manager at Aarons said they would post it from the date opened

 

about 1 year ago, the total price, and Paid in full Never Late


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: The Mix

You avoid the new account ding if they are going to do as they say. The only other concern I would have is how it impacted my AAoA, if any.

Established Member
jayhuck1
Posts: 13
Registered: ‎12-19-2012
0

Re: The Mix

I have an account through Home Choice. I think they are affilited with Rent-a-center and Aaron's? They dont do much for your credit IMO. The loans are a max 14 months. Plus they only are reporting to TU. At least in my case.


Starting Score: 520
Current Score: 640
Goal Score: 720


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+