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FICO Causes and Effects

New Member

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!
1 REPLY
Valued Contributor

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.
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in a credit-scoring postnuclear Stone Age...