Reply
Regular Contributor
Necromancer
Posts: 131
Registered: ‎08-27-2013

Will this hurt or help my fico score in the long run

In reviewing my CR I realized that my auto loan, student loans would be falling off my credit report in 3 to 4 years.  So only having an Amex Gold Rewards Plus Card since 1993 and a Chase Freedom from 2005 I applied and got approved for 3 credit cards. I plan to use them responsibly to and for them to age as not to have a too thin of a credit profile, when those other loans fall off my CR. Will this make up for not having an installment loan or mortgage appearing on my credit report and in turn keep my fico scores up in 3 to 4 years? I know I took an initial ding on my scores now but I'm looking toward the future. In 3 -4 years I plan on securing a mortgage.



FICO's: Eq 771 (10/23/13), Ex 799 (10/5/13), TU 809 (11/14/13)
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Will this hurt or help my fico score in the long run

Mortgages, installments, student loans help for mix of credit which is 10% of your score.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+