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Well, my CU swears they report to all three.
And if CU CCs are not as effective in boosting a credit score, I wonder if I should really take this CU installment loan, or whether I should get one from BOA or something instead?
pdxuser wrote:
Also, HTSU, would 3 national bank Visa/MCs be better than two of those and one CU CC? That is, are CU CC's always less potent for a FICO score, or does one help with credit mix? And how do you know that store/gas cards help with credit mix? I've never seen a very detailed explanation of credit mix beyond "revolving, installment, mortgage."
Types of Credit UsedWhat’s in your FICO® score
* Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)
@haulingthescoreup wrote:
a retail/gas card, preferably issued by one of the big boys as opposed to the banks that mainly back store cards
Who are the big boys? BOA/Chase/Citi/US Bank? Do they back some store cards? Would I prefer them because of FICO effects or because they'll have better terms and customer service?
pdxuser wrote:
@haulingthescoreup wrote:a retail/gas card, preferably issued by one of the big boys as opposed to the banks that mainly back store cardsWho are the big boys? BOA/Chase/Citi/US Bank? Do they back some store cards? Would I prefer them because of FICO effects or because they'll have better terms and customer service?
Wow, that's great. I was going off of my experience in banking (knowing how expensive it is to process a loan, any loan). That's why I love CUs. They do things that make sense to them and their members.
pdxuser wrote:
@Junejer wrote:
@pdx, I will speak to a couple of these: CCs--If you are charging $5 per month, there would be no need to prepay before the statement cuts, unless your CL is $50 or less. Also, I don't think that you are going to find an installment loan for $100 @ 2%. It costs the bank/CU that much to approve a loan (manpower, paperwork, etc.). Set your sights a little higher for a loan. But, I could be wrong. One installment loan will do the trick for credit mix.I'm guessing I'll have a bunch of $500 CLs. And by "bunch" I'm guessing 3 or 4. I don't know if one number is better than the other. So $5 will be 1% util. But if 3% util is better than 9% util, wouldn't 0.002% util be better than 1% util? I mean, if they're comparing me to everyone else in my bucket, wouldn't 0.002% util make me the best of my bucket? Besides, it's not that hard to just go back online a couple days later and transfer $4.99 to my card.
I just got off the phone a couple hours ago with my CU, which said that I could make the loan as small as I wanted, and the rate is 2% above the savings rate (and my savings security deposit generates interest, so it balances out to 2%). I specifically asked if I could have a 5-year, $500 loan, pay it down to 60¢, and put the remainder on automated withdrawals, and they said "sure, but why not make it $100?"
ByrdMan wrote:
Wow, you and HTSU have been getting busy discussing your credit devirginization. I'd say you have rounded second and are heading into third. Watch the signs closely though, you wouldn't want to misread the sign and wind up out at home.
@haulingthescoreup wrote:
...
Goodness, I've never played Pandarus before!
...
Look out for Diomedes
MattH wrote:
@haulingthescoreup wrote:
...
Goodness, I've never played Pandarus before!
...Look out for Diomedes