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Good credit mix ?

waterfallwishes
Established Member

Good credit mix ?

I will be paying off my student loan soon and want to make sure that I have a good credit mix.. What do you suggest/Think ?

 

 

I have ...

 

Just bought a house so mortgage will show up soon  

Orchard Bank secured 200 - Do not want to close because there are no fees and it is my oldest.. years

Paypal card - I closed because of a  CLD to 180

First premier 500 - thinking of closing because of fees , 3 years

Wamu - 1000 - never been increased , still waiting 10 mos

Boa - just graduated 1200, CL declined a few weeks ago , 10 Mos

Discover rewards - 300 - CL just will not move, 11 mos

 

Credit scores went down a little due to mortgage shopping but they are as follows :

TU 652   EQ 634   EX 641

 

Message 1 of 14
1 ACCEPTED SOLUTION

Accepted Solutions
Not_the_Point
Regular Contributor

Re: Good credit mix ?

Divorces are usually pretty horrible for the credit of both parties involved.. but you seem to be doing a pretty decent recovery with having a mortage and a fairly good mix of credit cards.

 

You should call Discover once the card hits 12 months and request an increase to your credit line.

 

A store-branded Store card is about the only hole I see in your mix of credit. A sears card is actually pretty good because you can buy appliances for your house. Their interest rates are pretty bad, but they are quite generous on their credit limits.

 

A gas card is a fine choice as well, though I have always found them to be very limiting.

 

Make sure the merchant card you get does not have a VISA or MASTERCARD logo or anything of the sort... just the store's name and logo.


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 6 of 14
13 REPLIES 13
Not_the_Point
Regular Contributor

Re: Good credit mix ?

You should throw in a Store card like a Gas Card or a Sears card in there.

 

Do you have an auto loan by any chance? That would also count as part of your mix of cards.


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 2 of 14
Not_the_Point
Regular Contributor

Re: Good credit mix ?

Also, have you tried calling a few of the card companies and requesting an increase to your credit limit? Some of those cards have really horrible low limits... I'm not sure how they would respond to you having just gotten a mortage though.

8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 3 of 14
waterfallwishes
Established Member

Re: Good credit mix ?

Opps .. Yes , I have an Auto loan with CPS for 3 years ...

 

Trying to make credit better after a divorce .. He fought to keep the truck in the divorce so I had to get another vehilce and then he let it get repo ....

Message 4 of 14
waterfallwishes
Established Member

Re: Good credit mix ?

Most of them have said they do not take req .. they review over time .....
Message 5 of 14
Not_the_Point
Regular Contributor

Re: Good credit mix ?

Divorces are usually pretty horrible for the credit of both parties involved.. but you seem to be doing a pretty decent recovery with having a mortage and a fairly good mix of credit cards.

 

You should call Discover once the card hits 12 months and request an increase to your credit line.

 

A store-branded Store card is about the only hole I see in your mix of credit. A sears card is actually pretty good because you can buy appliances for your house. Their interest rates are pretty bad, but they are quite generous on their credit limits.

 

A gas card is a fine choice as well, though I have always found them to be very limiting.

 

Make sure the merchant card you get does not have a VISA or MASTERCARD logo or anything of the sort... just the store's name and logo.


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 6 of 14
Creditaddict
Legendary Contributor

Re: Good credit mix ?

I would agree a store card or gas card... a lot of people like the macy's card because of the huge CLI they give out every 3 months. and even if you ended up with the visa, it would actually be 2 accounts, so you would still gain the store card for the mix
Message 7 of 14
Not_the_Point
Regular Contributor

Re: Good credit mix ?

Wow I didn't know that the VISA card from Macy's will report as 2 accounts.. one as per a Store Card and the other one as a regular card.... now I'm wondering if my Sears card would do that if I upgraded to the Sears VISA....

8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

Message 8 of 14
Creditaddict
Legendary Contributor

Re: Good credit mix ?


@Not_the_Point wrote:
Wow I didn't know that the VISA card from Macy's will report as 2 accounts.. one as per a Store Card and the other one as a regular card.... now I'm wondering if my Sears card would do that if I upgraded to the Sears VISA....
Macy's is the only card I know of that creates so many different accounts. if you open major purchase account, that is a 3rd account, and if you open mattress account, that is actually a 4th account!!!

 

Message 9 of 14
Not_the_Point
Regular Contributor

Re: Good credit mix ?

The thought of a "matress account" is funny to me Smiley Happy Though having too many accounts wouldn't seem like such a great idea to me either...


8/27/10 -
TU FICO 768
EQ FICO 763
EX PLUS 732

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