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I am coming up on 4 months post discharge from Chapter 13.
Current open accounts:
Revolving: Capital One Quicksilver, Mercury, Discover Secured (no annual fees on any of these, practicing AZEO)
Installment: 4 student loans
FICO 8 Scores: 679, 658, 675
FICO 5,4,2 Scores (Mortgage): 685, 707, 704
I'm planning to pay off the student loans in full once the covid pause on payments and interest is over. Next major goal is to purchase a house, but that's probably 3 years out.
1) Is there any difference in rebuild approach to maximize mortgage FICO scores or would I be set with 3 revolving accounts and one open installment loan?
2) Is there a benefit to having an open installment loan for the mortgage FICO scores like there is for the FICO 8?
@hoosier64 wrote:I am coming up on 4 months post discharge from Chapter 13.
1) Is there any difference in rebuild approach to maximize mortgage FICO scores or would I be set with 3 revolving accounts and one open installment loan?
I would think those accounts would be sufficient.
Your go to go. May take a point loss when the installments drop if you have no other loans open. If those are the cards from 4 months ago. Let them grow and scores will age and move slowly up.