topic Re: Installment loan question... in General Credit Topics

Installment loan question...

TilltedBrim — Fri, 18 Nov 2011 06:10:37 GMT

I have a student loan that has reported well with no lates or anything over the last two years. As far as installment loan goes is this just as good as an automobile payment. Reason I ask is that I don't have an automobile payment and was wondering if the student loan was sufficient reporting for an installment loan. I recently learned the importance of a good credit mix. Thank you in advance

Re: Installment loan question...

cdtotten — Fri, 18 Nov 2011 15:09:20 GMT

Credit mix is not that big of a deal in your score, and as long as you have an installment loan you are fine.. .having a mortgage would potentially help a little as well.

That being said, not having an auto loan might hurt you a little if you ever apply to purchase a car, because you have no past vehicle loans. Not much you can do though, everyone has to start some where.

Re: Installment loan question...

RobertEG — Sat, 19 Nov 2011 03:05:51 GMT

In my eyes, a student loan is more impressive than an auto loan. It shows greater potential future earning potential.