topic Re: Tradeline mix question in Credit Cards

Tradeline mix question

USF813 — Thu, 04 Jul 2013 23:09:18 GMT

Is a mortgage and two Visa cards issued by my CU's enough of a mix? My auto loan is going to fall off April '14 so I'll lose that tradeline. Reason I ask is because I'm thinking of buying a new laptop. I have the cash to pay in full but I was considering getting a personal installment loan. I'm not sure I want another inquiry though - I have 5 total (3 EQ and 2 TU) from apping and CLI my Visa cards). My goal is to either modify my mortgage or possibly refi if harp 3.0 extends to lenders other than Fannie Mae or Freddie Mac (my CU never sold off my mortgage, and they don't currently participate in harp). Thoughts?

Re: Tradeline mix question

Anonymous — Thu, 04 Jul 2013 23:23:23 GMT

From my experience, it should not hurt your score. Are you saying the auto loan will be paid off or that your auto loan is paid off and is over ten years old?

Re: Tradeline mix question

USF813 — Thu, 04 Jul 2013 23:42:17 GMT

Auto loan is paid off and it'll hit 10 years old next year. It will also lower the average age of my accounts. My mortgage was opened in '06 and the Visa cards January '13 and April '13.

Re: Tradeline mix question

GatorGuy — Fri, 05 Jul 2013 00:18:37 GMT

Your auto loan will show on your CR as paid in full.

Edit: Sorry just reread your post where it said it would fall off. I think having a mortgage on there is fine until the time comes you need a new car.

Re: Tradeline mix question

frugalQ — Fri, 05 Jul 2013 02:07:01 GMT

I thought the trade line stays for 10 years after it is closed.

Re: Tradeline mix question

frugalQ — Fri, 05 Jul 2013 02:09:56 GMT

Also, you may want to rethink the strategy of paying for the computer with an installment loan....unless the loan is 0% interest.

Re: Tradeline mix question

USF813 — Fri, 05 Jul 2013 02:21:42 GMT

The auto loan was paid and closed in 2004. My Honda is a 1997....and still going strong.