topic Re: Is the a Good Credit Mix?? HELP! in Understanding FICO® Scoring

Is the a Good Credit Mix?? HELP!

jorin — Mon, 10 Aug 2009 20:03:33 GMT

Hi Fico Family .

I'm trying hard to become a member of the 800 club and need some advice as to what my next steps should be.

This is my current mix:

Installment Accounts

1 Auto Loan (Wachovia)

1 Student Loan (Federal Gov)

Credit Cards - Revolving Accounts

American Express Blue

Discover More

Simmons First Platinum Visa

Chase Platinum Visa (formerly WAMU... been considering closing this one since they rate jacked me... Should I?)

My current scores are:

FICO
776 - Transunion 784 - Equifax
FAKO (PLUS)
747 - Experian

Is this a good mix?? Or is there something I should add to this mix that might improve my score in the long run??

Thanks in Advance!

Message Edited by jorin on 08-10-2009 01:03 PM

Re: Is the a Good Credit Mix?? HELP!

Anonymous — Mon, 10 Aug 2009 20:10:08 GMT

What are your revolving credit limits and balances on all revolving accounts?

Re: Is the a Good Credit Mix?? HELP!

jorin — Mon, 10 Aug 2009 20:13:24 GMT

Credit Cards - Revolving Accounts

American Express Blue ($0 / $5000)

Discover More ($0 / $5000)

Simmons First Platinum Visa ($ 0 / $4000)

Chase Platinum Visa (formerly WAMU... been considering closing this one since they rate jacked me... Should I?) ($9 / $2500)

Total Balance $9.00

Re: Is the a Good Credit Mix?? HELP!

Anonymous — Mon, 10 Aug 2009 20:39:12 GMT

Since you all ready major credit cards you do not a store cards,despite want some belive that are never positive factor for credit mix, they do provide a revovling payment history for those without a major credit card

and never get credit form a furnature store get a loan with your bank

how old is the chase card it old has no af ,jusy use the card every so often just to keep it active and payit off

Message Edited by rbbyrbsn on 08-10-2009 01:39 PM

Re: Is the a Good Credit Mix?? HELP!

Anonymous — Mon, 10 Aug 2009 20:28:32 GMT

You are set. Just keep your utilization low, limit inquiries to the absolute least for the credit you need and will use. Charge on the revolving and pay in Full and let the accounts age, in time you will be there in the elite 800 club.......Many millionares were made on good credit keep your dreams alive.

Re: Is the a Good Credit Mix?? HELP!

jorin — Mon, 10 Aug 2009 20:33:58 GMT

Should I close the Chase though since they raised the rate?

Do I need to add any other types of accounts, like a card from a Credit Union, or a Mastercard? (Previous poster "rbbyrbsn" suggested not to bother with a store card...)

Re: Is the a Good Credit Mix?? HELP!

Anonymous — Mon, 10 Aug 2009 20:45:07 GMT

@jorin wrote:
Should I close the Chase though since they raised the rate?

Do I need to add any other types of accounts, like a card from a Credit Union, or a Mastercard? (Previous poster "rbbyrbsn" suggested not to bother with a store card...)

a major credit card visa mastercard amex Discover is a major credit card regarless who it's from

Re: Is the a Good Credit Mix?? HELP!

Anonymous — Mon, 10 Aug 2009 20:50:48 GMT

I would carry atleast a balance of 100.00 combined on unsecured accounts. I realize it sounds crazy, but carry a SMALL balance on an active account can help your score. Also since unsecured accounts are seen as balance to limit %, there is no reason to get any more cards. New accounts arent good. Closing that account probably isnt going to hurt you at all, but just dont carry a balance and even maybe decrease your limit to send the CC company the message that they cant mess you around. Some lenders view many unsecured accounts with high limits as possible future issues. Something to keep in mind.

What I would do is keep like 2 cards and keep a 100.00 balance. 100.00 balance on 10k total limit.

Then, just business as usual!

Re: Is the a Good Credit Mix?? HELP!

jorin — Mon, 10 Aug 2009 21:15:09 GMT

OK... The concensus above seems to be:

1) NOT to add any additional accounts.

2) Closing the Chase account is option and should not effect my score much.

3) Keep my utilization around 1% (and never 0).

4) Continue to pay on time as usual.

Is this right? And is this everything? Is there anything else I can do to raise my score?

Re: Is the a Good Credit Mix?? HELP!

Anonymous — Mon, 10 Aug 2009 21:29:07 GMT

Yes, yes, and exactly, keep it around 1-5% and you will be good!! Unfortunately reaching 800 takes time. I'm 27 and have a 750. No late payments ever, but seems its takes forever!!!!!

I have 4 credit cards at the moment, but am considering cutting down to 2 cards and keeping them for 20 years.

I've actually been denied credit before because I have an available 50k cc limits.

Good luck to you and keep us posted!

Message Edited by Eurosooner7 on 08-10-2009 02:29 PM

Re: Is the a Good Credit Mix?? HELP!

haulingthescoreup — Tue, 11 Aug 2009 02:58:57 GMT

jorin wrote:

Hi Fico Family .

I'm trying hard to become a member of the 800 club and need some advice as to what my next steps should be.

This is my current mix:

Installment Accounts
1 Auto Loan (Wachovia)
1 Student Loan (Federal Gov)

Credit Cards - Revolving Accounts
American Express Blue
Discover More
Simmons First Platinum Visa
Chase Platinum Visa (formerly WAMU... been considering closing this one since they rate jacked me... Should I?)

My current scores are:

FICO
776 - Transunion 784 - Equifax
FAKO (PLUS)
747 - Experian

Is this a good mix?? Or is there something I should add to this mix that might improve my score in the long run??

Thanks in Advance!

OK, possibly a retail card (store or oil company logo; no Visa/ MC/ etc logo) might help. There is no clear evidence either way.

Don't close the Chase card if there isn't an annual fee. Who cares about APR? You shouldn't be carrying a balance unless it's a killer 0% APR BT or initial purchase deal. And even then, be sure to have the money in the bank to pay off the balance immediately, in case things go awry.

It's not the "deals" on your cards, it's building up a long, long trail of positive history.

Almost all the banks are raising APR's. This is completely irrelevant unless you carry balances, which you should never to anyway. (Sorry to repeat myself, lol.)

Re: Is the a Good Credit Mix?? HELP!

haulingthescoreup — Tue, 11 Aug 2009 03:02:06 GMT

Oh, yes, and since this has been mentioned by others, if you want to torture your scores to their best possible setting, have all your cards report $0 (this means paying them off BEFORE they update) except for one. Let that one report $10 - 20, and then pay it off before interest hits.

You can take turns with different cards reporting, if you like.

Use the others all you like during the month; just pay them off before the statement date, when most report. Exceptions: HSBC/ Orchard bank cards and US Bank cards, which update on the last business day of the month, reporting that day's balance. American Express reports the balance on the statement, but they don't report it until 4 weeks later, making them report a month late in effect.