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Super Contributor
MidnightVoice
Posts: 8,160
Registered: ‎03-25-2007
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Re: Can someone explain different types of credit usage to me?



fused111 wrote:
Read my lips...bank (major) credit cards carry more weight than store cards not issued by banks.:smileyvery-happy:


:smileyvery-happy:
 
Serious question - does a Credit Union CC carry as much weight as a major bank CC?
 
Just out of interest
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: Can someone explain different types of credit usage to me?

[ Edited ]


MidnightVoice wrote:


fused111 wrote:
Read my lips...bank (major) credit cards carry more weight than store cards not issued by banks.:smileyvery-happy:


:smileyvery-happy:
 
Serious question - does a Credit Union CC carry as much weight as a major bank CC?
 
Just out of interest


They would carry equal weight if it's a VISA, MC or AMEX. The fact that the issuer is a bank or credit union doesn't matter.


Message Edited by fused111 on 08-29-2007 08:13 AM
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: Can someone explain different types of credit usage to me?



Jack_Sparrow wrote:
This is currently my biggest confusion in FICO scoring. Let's say I don't have any installment or mortgage loans. How much variety can I have with without those? I heard dept store cards help. Does it really help to have a Visa, MC, Discover, and AMEX? (is each one important)



Actually it's pretty difficult. Credit type revolving accounts are pretty much it besides the above. Accounts that fall under other titles can cause more harm than good. What I have learned is get as much of whats good, let them age, keep balances low and in time score goes up. Try and fill at least 1 bank installment. That will probably do wonders. What you have is just a part of how you use what you have. Their is a whole untapped area of scoring on what you do with your available credit and behaver. I'm hurting in my length of history area. No matter what I do, this is one area that I can not change or speed up. All I can do now keep up building history on current accounts and wait.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Can someone explain different types of credit usage to me?

Get a Walmart or a Macy's card. I think one store card is enough. Four revolving credit cards should be enough too. You don't need 100's of thousands of available credit to cross the 760 threshold given enough time. Pay on time all the time and show some usage.
Valued Member
Jack_Sparrow
Posts: 44
Registered: ‎05-31-2007
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Re: Can someone explain different types of credit usage to me?

So if I have a car loan, how long will that stay on my report after it's paid off? And even if it's paid off will it still help my score as it did when it was open while its still on my report?
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: Can someone explain different types of credit usage to me?



Jack_Sparrow wrote:
So if I have a car loan, how long will that stay on my report after it's paid off? And even if it's paid off will it still help my score as it did when it was open while its still on my report?


Once the loan is paid and the account closes then it should report for up to 10 years. Open and closed accounts are scored the same, so long as this loan reports a $0 balance and no derogs (late payments) then yes it will have a positive impact on your scores.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1


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