New CC + Personal Loan

corymcd88 · ‎04-30-2015

I got some new card in Jan and Feb of 2015 and yesterday I just got a $1.000 instalment loan is that going to do any thing negative to my FICO. My Walmart FICO the top two reasons that it is low 773 is no resent installment history. Is this going to help me or hurt me?

Anonymous · ‎04-30-2015

@corymcd88 wrote:
I got some new card in Jan and Feb of 2015 and yesterday I just got a $1.000 instalment loan is that going to do any thing negative to my FICO. My Walmart FICO the top two reasons that it is low 773 is no resent installment history. Is this going to help me or hurt me?

This shouldn't affect your fico score. Only thing that would hurt is the HP going on the report. Part of the fico score (merely %10) looks at your credit mix, which would include your installement loan. So in the long run, this loan would help. Shouldn't hurt it.

Just make your payments and be current. This will of course improve your payment history, which is the majority of your score (%35).

MarineVietVet · ‎04-30-2015

@corymcd88 wrote:
I got some new card in Jan and Feb of 2015 and yesterday I just got a $1.000 instalment loan is that going to do any thing negative to my FICO. My Walmart FICO the top two reasons that it is low 773 is no resent installment history. Is this going to help me or hurt me?

Short term you'll likely lose a few points because of the application inquiry and a new account reporting. Your AAoA will go down which might hurt depending on how much the AAoA is affected.

But the "newness" will begin to wear off after 6-12 months. In the long run adding this installment loan will help you IMO since FICO 08 seems to be much more sensitive to the presence (or absence) of installment loans than older scoring models and will reward you for the addition.

Just my opinion.