@Anonymous wrote:
I opened a mortgage in 12/14 and I now have 6 open credit cards. I have 2-5 closed personal loans depending on the CR.
To max out the mix of credit slice would I need an open installment loan? Or does my mortgage cover that? Mortgage is the best installment loan one could have you dont need another just for Fico.
I have read it takes 3 revolving accounts to max out that area so is there a number for installment? I have seen postings that Fico may give a ding for more than 4 open instalment loans.
I was thinking of getting a shared secured loan or two for as long a term as possible if it would help my FICO score long term. For my DW as well - maybe joint loans so we limit the number of accounts opened. I've opened 5 accounts since 12/14 so my AAoA is destroyed and now around 1 year. If you DW is on the mortgage forget this idea not necessary,
Just trying to figure out the number of different types of accounts needed to max out 'credit mix' and possibly a rough percentage of each. I know that mortgages are the best type of accounts (or so I've read) so having one must be a good portion of mix. Once accounts gets closed do they lose all their effects in regards to mix? I've read often the stories of score drops for paying off auto, student, revolving and mortgage accounts. Yes especially with installment loans, its typically a Fico score ding when you last one closes out.
Would a home equality line of credit count as a mortgage for scoring purposes? I believe it would have to be over 35K to report as a mortgage installment otherwise it reports as revolving, someone else needs to verify this, im 80% sure in this one,
Thanks!
