To maximize Fico, only 1 card should report?

[JSS3]

I've thought about doing the CU installment loan myself. I'm tired of seeing "No open installment loans" listed as a negative factor on my reports. I have my house(bought by ex-hubby) and don't need a car loan atm. They penalize us for only having CCs on file(although I have a closed/paid as agreed student loan scheduled to fall off 2017).

[gdale6]

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@JSS3 wrote:
I've thought about doing the CU installment loan myself. I'm tired of seeing "No open installment loans" listed as a negative factor on my reports. I have my house(bought by ex-hubby) and don't need a car loan atm. They penalize us for only having CCs on file(although I have a closed/paid as agreed student loan scheduled to fall off 2017).

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You would switch that message to one that says "your balance is too high on instalment debt" or something like this all the way down to a 0 balance, happens with every instalment loan I have had in the last 5 yrs.

[JSS3]

@gdale6
Ahh, so they get you either way? I guess the tradeoff is the score boost.

[gdale6]

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@JSS3 wrote:
@gdale6
Ahh, so they get you either way? I guess the tradeoff is the score boost.

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Yup, get ya on both ends and it takes time to overcome the dings at first for the new acct, inq and drop in AAoA, from what I have seen its not a real helper for score until its past the halfway point on the payments and its biggest boost is in last few months prior to final payment being made. For the effort paying attention to your revolvers is always a more profitable situation in the eyes of Fico over time.

[JSS3]

@gdale6
In that case, soooooo NOT worth it. I wanted diversity and score boost' but I'll keep going down the path I'm on. Scores are pretty decent anyways. Citi has me at 696(report needs to update and give score a boost). Barclays/Walmart/Discover has me at 752.

I was mostly sick of the message. Wanted them to only have, "length of time for accounts not long enough". To me, that reason signifies something out of my hands and comes down to time...as opposed to others like---util.

[Anonymous]

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@gdale6 wrote:

I would not advise anyone run out and get a secured instalment or any other instalment loan just for Fico purposes, it would result in a Fico ding for the inquiry and new account which would be recovered over time. Its not necessary to build your Fico, paying on time and keeping your util low is the best thing you could do for yourself combined these 2 categories are 65% of the Fico score.

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I agree!

[Anonymous]

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@JSS3 wrote:
I've thought about doing the CU installment loan myself. I'm tired of seeing "No open installment loans" listed as a negative factor on my reports. I have my house(bought by ex-hubby) and don't need a car loan atm. They penalize us for only having CCs on file(although I have a closed/paid as agreed student loan scheduled to fall off 2017).

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I understand; however, app'ing for a loan just to have one may not be fiscally responsible. My hubby has a mortgage, but I don't. I get dinged for not having a mortgage. I have learned to accept it. Next year, when I pay off my student loans, I will get dinged again. C'est la vie!! I would rather be debt free.

[JSS3]

@beautifulblaquepearl
Absolutely right. I, too, prefer to be as debt free as possible.