I think we've talked about this at length... but I want some personalized opinions... Credit Mix

[Anonymous]

I'm over 2 years past discharge. I've NEVER been late on a payment before or after BK. I turned one vehicle in after BK, one I kept but I think I'm not getting 'credit' for the on time payments of the Auto loan that carried over.

Here's what I currently have... but I want to jump over from good credit to great.

Pen Fed Credit Union Auto Loan $7000 balance (shows as zero on my report with $0 payments showing on time)

Capital One Savor $2500 CL

Capital One Platinum $3500 CL

Capital One Platinum $3000 CL

Merrick Bank $2200 (they just sent me a letter telling me they were closing my account because I havent used it and wouldnt be reopening LOL)

Discover $1800 CL

Mission Lane $1600 CL

OLLO $1100 CL

Credit One $650 CL

So I'm thinking of getting a new car and maybe that will take my dead account to a live one reporting accurate payments monthly.

What is the perfect mix of Credit for best results?

[Anonymous]

If I'm not mistaken a good credit mix is three revolvers and an installment loan.

[blindambition]

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@Anonymous wrote:

If I'm not mistaken a good credit mix is three revolvers and an installment loan.

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At least 3 revolving cards, and 1 installment will give best mix. Installment can be mortgage, student, or auto/boat/recreational... as long as it reports installment.

[Anonymous]

So my auto loan reporting $0 payments should be good... is that where I'm failing?

[Anonymous]

Can't speak on the auto loan unfortunately. I've always paid in cash for used cars. Currently cruising in a 2013 Kia Soul exactly the same kind as the Hamsters ad they had years ago.

In regards to your journey I would say you're doing quite well! What's the most recent FICO score you've had?

I'm about to hit the 3year mark in March and my profile is similar. Capital One likes you IMO because you have 3 cards. I only have QS1 that was PC'd to VentureOne to avoid a $39 AF. It's got a $3500 CL but when I try to prequalify for anything else I don't get any offers. I do have the Walmart card too but it's only for Walmart. Started at $500 CL and then bam $100 CLI 5 months later lol. I first started with them through their secured card. I joined at the wrong time though because it was suppose to be a card that graduated but then they backtracked and wouldn't allow cards to graduate and only recently apparently they are going back to graduating them.

Being that you are a member of PenFed and already have a relationship with them because of the auto loan, I would say apply for their Gold Visa to get your foot in the door with their CCs. I wasn't a member, after reading through their big DP thread here on MF I decided I would bite the bullet. Opened a $5 regular savings and app'd for the Gold Visa. Approved at 17.99% for $3500. Maybe they'll give you 5k which would become your biggest SL to date or $3500 which is still good in eyes. 

Typically the best setup for scoring would be at-least 3 revolvers and a SSL that is reporting. At this point I think the main factor is aging and continuing the great work on rebuilding!

Also wanted to ask do you remember how long it was since you last used your Merrick Bank CC?

[Anonymous]

Unfortunately I burned PenFed in the BK... and I hear getting another card with them EVER will be impossible.

fico is showing 640

Trans 683

equifax 700

[Anonymous]

It's been a while.. I should probably put something on it to be safe.

pen fed was burned in the BK so they won't be giving me anything new. It's a shame... I loved doing business with them, they were always fair... but unfortunately I didn't have a choice but to include their CC in my BK.