FAKObabble

[score_building]

my experian plus report says:

You have no open installment loans, such as mortgages or auto loans, on your credit report. This positively influences your credit score because lenders feel you are more likely to pay your other bills without the fixed monthly payment attached to an installment loan.

my truecredit report says:

There are not enough mortgage accounts on your credit report. A healthy balance of credit and loan accounts is key to achieving a high credit score. It is important to build a record of responsible credit use over time with different types of accounts. Consider opening a new account to strengthen your credit report.

I know presiding wisdom says to ignore these FAKO blurbs.  If possible can someone tell me if i do need to open up an installment loan or not for best fico result... since i am get contradictory f/b here i am somewhat confused

[Anonymous]

I don't recommend you get a loan just for credit scoring purposes, BUT if you do happen to get an auto loan or a mortgage, your FICO score would likely be helped. Both mortgage and non-mortgage loans are a type of credit mix and usually scores go up in short order with their addition, despite being new credit and the attached loss of average age.

[score_building]

i see, thanks- not fer nuthun but I have 3 items listed in my installment section currently, 2 student loans and for some unknown reason -my One card from Amex.  do none of these 'count' as non mortgage installment?  Any ideas why Experian plus thinks the fact that i don't have an auto loan etc. helps my score and truecredit thinks it's hurting?

[Anonymous]

Open SL's should count for your installment mix-

Mortgages are seperate-

---

score_building wrote:

i see, thanks- not fer nuthun but I have 3 items listed in my installment section currently, 2 student loans and for some unknown reason -my One card from Amex.  do none of these 'count' as non mortgage installment?  Any ideas why Experian plus thinks the fact that i don't have an auto loan etc. helps my score and truecredit thinks it's hurting?

---

[Anonymous]

I wouldn't "pay" for a FICO increase. You can get >720 without any mortgage or car loan.

[score_building]

---

Physicist wrote:
I wouldn't "pay" for a FICO increase. You can get >720 without any mortgage or car loan.

---

Thanks for confirming that for me Timothy and Physicist, i'm actually not sure what my strengths are exactly in the world of fico but i get spirals in my eyes every time i attempt to understand scoring -so it isn't that.

i am paying down revolving balances and i just don't know if perhaps a small installment loan to pay off one of my cards would give me a boost on the installment and revolving sides while increasing my score a bit.  

i have 16 inquiries (all but one are a year+ old) on experian (1 eq, zero tu) so i'm not sure if another inquiry would tank any benefit and make amex even more worried. my tu and eq are just a few points shy of 700 but my ex was 630 last time i checked a while ago which is somewhat alarming because it will still take me a few months to get revolving under 30 and then under 10 util on my cards that have balances -so a boost would be nice as i pay down revolving asap (my enhanced experian i pulled for free from my amex clear is 705, so i sure hope amex uses that). 

[Anonymous]

score_building I would be pretty suprised if your Plus score is over 700 and your EX FICO is only 630-

How long has it been since you pulled an EX fico score?

[score_building]

really?  i just pulled today's experian 640- skerry .  enhanced from yesterday:  705.  wish it were the other way around

Message Edited by score_building on 09-10-2008 10:41 AM

[score_building]

---

Physicist wrote:
I wouldn't "pay" for a FICO increase. You can get >720 without any mortgage or car loan.

---

i'm ultimately shooting for >760 (which i've heard is the 'new' 720) so i do hope it's a possibility, without me somehow getting a mortgage 

[score_building]

---

Timothy wrote:

score_building I would be pretty suprised if your Plus score is over 700 and your EX FICO is only 630-

How long has it been since you pulled an EX fico score?

---

i confirmed a large disparity, 640 v. 705 why is this surprising?  i thought it was par for the course to sometimes have big differences with fako v. fico.

ex says my length of history is 18 years (so do the other 2) but does not list an avg age.  tu, eq list an avg age of 4years.  how is 18 yrs 'not good' to experian but 'v. good' to the others, is that possible?

Message Edited by score_building on 09-10-2008 09:21 PM