We know that the mix of different trade lines will impact our scores. To recap what is posted on this site elsewhere:
What’s In Your FICO® Score
FICO® Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your FICO® score.
These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.
My question is if given the types of credit can impact your score, does the fact that the TLs are active or closed make a difference. In other words, if I pay off a car loan and it had a perfect history, will you loose "credit" for the account if you have no other installment loans? Does it look back at previous history and say the installment requirement is satisfied? Or, does it say "whoops" one of the "positive" trade lines are missing and make an indeterminate deduction?
Thanks for the reply!
Common sense tells me that, otherwise why see a score jump on a new installment line opening up. I was curious with all the other historical info coming into play, whether or not this did too. I am not going out and buying another car for the ole' FICO, but it is interesting nevertheless.
This is a hot topic lately. We need to find a member with only one, or only one remaining, open installment account that's almost paid off.
Any guinea pigs, er, volunteers out there?
Because seriously, it's pretty annoying to think that in order to maximize scores, we'd need to go borrow something for no particular reason. One of those times to go with financial sense instead of scoring strategy!
Any guinea pigs, er, volunteers out there?
Because seriously, it's pretty annoying to think that in order to maximize scores, we'd need to go borrow something for no particular reason. One of those times to go with financial sense instead of scoring strategy!
Really? So you now have no open installment lines?
Well, let me be the first to thank you for taking a bullet for your fellow forum members! Seriously, good luck with the scores, and please let us know what happens.
Well, let me be the first to thank you for taking a bullet for your fellow forum members!
Seriously, good luck with the scores, and please let us know what happens.
Ah, I am always happy to jump on a hand grenade for a good cause...my overwhelming curiosity!