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The Mix

Established Contributor

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
Message 1 of 7
6 REPLIES
Moderator Emeritus

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?

Message 2 of 7
Established Contributor

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
Message 3 of 7
Moderator Emeritus

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.

Message 4 of 7
Established Contributor

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
Message 5 of 7
Moderator Emeritus

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.

Message 6 of 7
Established Member

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


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Message 7 of 7