01-29-2014 12:09 PM
I'm relatively new to the credit world (First card opened in September of 2012, Average Age of Accounts at 4.2 months with 5 cards open) and after a few recent applications I've decided to sit back and 'garden' with my current credit by paying off all charges, keeping lines open, etc.
I've been incredibly lucky in that I received a full ride to my current school and thus far haven't needed to take out any student loans to cover my education. However, after looking at other pages on the forum I've seen it boosts your score by having a good mix of accounts (Quite often a mortgage, student loan, or auto loan combined with credit cards).
My car was purchased with cash, and I don't forsee buying a new house or car in the near future. Does anyone have any ideas on how to boost an account mix without taking unnecesarry loans?
I saw on a previous thread that someone had out a CD that reported as a mortgage payment, but that was the only time I read about this.
01-29-2014 08:25 PM
Don't apply for credit that you don't need. You are in the right place and mindset - stay out of debt and manage revolving credit well. You'll be in a good place to take out an installment loan for something you need (like a new car) once you've let your cards age a bit. Your exact credit score only matters when you apply for something - so unless you're planning to apply for a mortgage soon and you've gotten some guidance from a banker to go ahead and add an installment tradeline to your report in advance of that, I wouldn't worry about it at this stage in the game.
01-30-2014 04:58 AM
Thanks SCF. Taking out unnecesarry loans didn't seem like a great idea in the first place...