Reply
Established Contributor
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
Posts: 32,869
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
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
Posts: 32,869
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
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
Posts: 32,869
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
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
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 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.

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

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com 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.