Reply
New Member
kekelly711
Posts: 4
Registered: ‎03-09-2008
0

FICO Causes and Effects

Hello I would like to get an idea of the effects of the following 2 scenarios: 1-Increasing my credit limit by putting more into the account that my secured credit card account uses. 2-Using a cosigner to increase the possibility of being approved for a car loan/lease. All of my credit scores are around the low to mid 600 range. However, I have no mix of credit types. I am still suffering because of some collection issues that have either been paid or are closed. I appreciate any feedback available. Thanks!
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: FICO Causes and Effects

I would do both if possible. A credit line increase is generally good for your FICO score. Adding an installment loan would be good in the long run...you might lose a few points in the short run for the inquiry and the new account, but that would reverse itself within a few months.
- - - -
in a credit-scoring postnuclear Stone Age...

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}