haulingthescoreup wrote:
OK, I just spent 10 minutes on the Credit Education tab on this site, looking for the part that says that FICO wants at least one retail or gas card, and I can't find it!
And yet I see this repeated constantly, along with the one about FICO doesn't like personal finance installment loans. Can't find that either.
How much of this is left over from that somewhat-outdated FICO Scorecard powerpoint deal that surfaces periodically? Do we really know that a retail or gas card is still important to scoring in late 2007?
Because I'm like you --I regard store cards with deep suspicion. Other than Nordstrom (none within 300 miles of where I live) and Best Buy (really don't need any more electronics), I can't think of any that I might want.
Well, OK, maybe Kohl's, I'd forgotten about them. For my two shopping trips there every year!
Ok you made me have to go look. It doesn't specifically say store, gas charge but what is taken into consideration are types of credit used, ie credit mix:Types of Credit Used
- Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc
Some of these are positive influencessome are not. Stay away fron CFL they will ding you.
@Anonymous wrote:
@haulingthescoreup wrote:
@Anonymous wrote:
Ok you made me have to go look. It doesn't specifically say store, gas charge but what is taken into consideration are types of credit used, ie credit mix:
Types of Credit Used
Some of these are positive influences some are not. Stay away fron CFL they will ding you.
- Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc
See, that's what is confusing to me. They list retail in there, but they also list those undesirable consumer finance accounts. So this doesn't look like a list advising us to get 1 of each. Maybe retail accounts are good, maybe neutral, maybe bad. A head-scratcher.
I think the amount and typeof influence varies which each product. Retail cards don't have as great of a positive affect as bankcards. CFLs are definitely a nono, look at it like this, if any one can ge it, its probably a bad thing,.
Nah, I'm leaving mine helpsthe age of my file but I hate to see the factors hurting my score being a CFLPerfect payment as well but hurting the score
@Anonymous wrote:
Nah, I'm leaving mine helpsthe age of my file but I hate to see the factors hurting my score being a CFL
Do you get a remark about it on your reports? I've never gotten a specific comment about having a CFA, at least not on the FICO's. Experian on my (shhh) TrueCredit reports says that I have too many personal finance accounts:
There are too many personal finance accounts on your credit report. [Experian] Having too much available credit can sometimes harm your credit score. Lenders may feel that you have the ability to spend more than you could potentially pay back. You might want to consider closing a few accounts or asking to have your credit limits reduced. Avoid closing too many accounts - especially the oldest accounts on your credit report - because it could harm your credit score. Closing the oldest accounts can damage your score by making the length of your credit use appear shorter.But that's incredibly vague and on a FAKO score report besides. (My newspaper horoscope is more precise and accurate than FAKO comments!) hmmmm...