I always see people referring to Fico liking the "mix" of credit lines and types.
But does anyone actually have any proof or data points that having any kind of mix will actually increase their score above what would be possible without a mix?
I have always seen little to ZERO purpose in store cards. That's not to say I don't have any....but I just don't see their value in helping to boost your score.
I have installment loans, revolvers, PLOC's and one or two store cards(furniture).
The only thing that ever makes my score jump is when a baddie falls off.
Other than that it just ebb and tides in a rhythm in the same area.
I would like to take a SCT opportunity just don't see the value in scoring....
But it would be nice to have about 3 of those cards just for my personal use.
Adding an open installment loan if you only have credit cards will increase your fico score, especially once you pay down most of the balance.
We know that a mix of the major types of credit (installment, morgage, car loans, credit cards) can make a small but significant difference. What isn't known is how much, if any, improvement might be seen by having a mixture within those types. Ie, having multiple types of credit cards (bank, charge card, retail, gas company). We do know that finance company credit is seen as a negative, as it is a creditor of last resort. But will having a credit card that is issued by a gasoline company improve your mix? Will it improve your car insurance fico score? who knows?
The mix matters. But we don't know how much in most circumstances, or even if improving the mix is a positive or negative in some circumstances. You place your bets, and you take your chances. Or, not.
@Cmikul wrote:I always see people referring to Fico liking the "mix" of credit lines and types.
But does anyone actually have any proof or data points that having any kind of mix will actually increase their score above what would be possible without a mix?
I have always seen little to ZERO purpose in store cards. That's not to say I don't have any....but I just don't see their value in helping to boost your score.
I have installment loans, revolvers, PLOC's and one or two store cards(furniture).
The only thing that ever makes my score jump is when a baddie falls off.
Other than that it just ebb and tides in a rhythm in the same area.
I would like to take a SCT opportunity just don't see the value in scoring....
But it would be nice to have about 3 of those cards just for my personal use.
How many baddies? Those will be the biggest drag on your score, quite simply.
Getting a store card is not adding to your credit "mix". It's just another revolving credit account, and you've already got more than three regular CC, the likely sweet spot for number of revolving accounts. Said another way, FICO does not recognize and reward you for getting the SCT completed 
Clarification to others: OP already has an installment loan.
Back to the metrics: What are your scores, OP? That by itself is an important place to start.
Yes, everyone is in a certain narrow range based on where their file is at a point in time. Only radical changes such as dropping baddies, paying down utilization, are the things that make a quick difference. The other factor is time, lots and lots of on time payments.
I've asked a couple times for someone with an "excellent" mix to post a screen shot, but no one ever has.
A little bit of research that indicates a store card will not boost your mix.
Here is a great recent thread
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Having-Store-Cards-Necessary/m-p/4277683
Here is a decent old thread
There is some literature that indicates a true charge card will add to mix quoting FICO spokesman Anthony Sprauve
http://creditcardforum.com/blog/fico-score-credit-mix/
Revelate disputes this in his posts
Here's my screen shot. Maybe next year I will get a charge card and see what it does for me.
my mix registers as "very good"
As does my payment history(1 late 11months ago) amount of debt (sub 9%)
the late pymt is my one baddie....and it's recent.
my mortgage's have always been on time and time on those accts is over 15yrs. .....but my new home is only 3yrs old and I'm working on getting that equity built up.
I suspect it will just take time now that I have a lot of new cards and need my mortgage to age as well.
as of today EQ 701, TU 718, EX 696
@Anonymous wrote:
Here's my screen shot. Maybe next year I will get a charge card and see what it does for me.
Where is the "credit mix" image from?
And point of clarification, a Store Card is different from a Charge Card aka AMEX Green, PRG, or Platinum card.
@Cmikul wrote:my mix registers as "very good"
As does my payment history(1 late 11months ago) amount of debt (sub 9%)
the late pymt is my one baddie....and it's recent.
my mortgage's have always been on time and time on those accts is over 15yrs. .....but my new home is only 3yrs old and I'm working on getting that equity built up.
I suspect it will just take time now that I have a lot of new cards and need my mortgage to age as well.
as of today EQ 701, TU 718, EX 696
I don't know the specifics around this, but anything you can do to get that one baddie off your report, that's where your biggest boost to FICO score will come from.
Maybe ask in the Rebuilding forum, see what methods may be available to pay for deletion or something, otherwise it's going to be hanging on there for many years to come, keeping your score down.