Just paid off my car, do I need to pick up another installment, just to have one reporting?

[-RED]

I have zero balances on all my installments, as of last month.

I'm considering a purchase, but wanted to know if it will help my scores have another installment right away.

Thanks for the help, and feedback!

-RED 

[llecs]

I wouldn't. I paid off my last installment last year and TU dropped and EQ increased when comparing FICO pulls the day before and the day after it reported, both by single digits. In other words, it helped TU but hurt EQ. IMO, it isn't worth spending hundreds or thousands to gain or lose a few points. If you do get one now, you wouldn't see a gain, but likely a temporary double digit loss.

[MarineVietVet]

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@llecs wrote:
I wouldn't. I paid off my last installment last year and TU dropped and EQ increased when comparing FICO pulls the day before and the day after it reported, both by single digits. In other words, it helped TU but hurt EQ. IMO, it isn't worth spending hundreds or thousands to gain or lose a few points. If you do get one now, you wouldn't see a gain, but likely a temporary double digit loss.

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I agree. Don't go into debt for a few points. Remember that credit mix is only 10% of your total score.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

[Anonymous]

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marinevietvet wrote: I agree. Don't go into debt for a few points. Remember that credit mix is only 10% of your total score.

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+1

Plus, remember we just had an 800+ FICO'er (sorry, don't remember who posted this) with no installments reporting.

DH had no installments for a few months with no significant FICO movement.

[-RED]

Good to know.

Thanks everyone...!