New Member
Posts: 12
Registered: ‎01-04-2013
Do I need to get a car loan to raise my FICO score to excellent?

I read that within a few years you will need a FICO score of 780 to get the best rates on mortgages.  The minimum score needed for the lowest interest rates just keep rising and rising year after year.


Right now my FICO score is about 745 and I am trying to get it higher so when my wife and I decide to buy another home in a few years I can get a great mortgage.  (We don't own a home today or have a mortage.) 


When I checked my FICO score they said I had a perfect payment record, a relatively long history with credit and a very low utilization but the only thing that is holding me back from an excellent FICO score above 760/780 is a poor mix of credit.  I only use credit cards.


I always paid cash for my cars and never saw any need for department store or gasoline credit cards with 6 Mastercards in my wallet.


When I buy my next car in a few months should I get a loan for the automobile even though we can pay cash just to raise my FICO score?  Any other ideas how to increase the mix of my credit?