Adding Installment Loan

[Anonymous]

My apologies for the redundant question, but I want to be sure I'm 100% clear before taking another AAoA hit.

I have 0 open installment loans (but several closed installment loans). I was about to add a Self Lender type loan, when I noticed the "insights" chart on myFICO Premier, which states I have an "exceptional" credit mix. 

Just to clarify, this is just a snafu/flaw in the myFICO Insights chart, and I do indeed need an open installment loan reporting for point gain regardless of the AAoA hit for the new account?

Thank you!

[SouthJamaica]

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@Anonymous wrote:

My apologies for the redundant question, but I want to be sure I'm 100% clear before taking another AAoA hit.

I have 0 open installment loans (but several closed installment loans). I was about to add a Self Lender type loan, when I noticed the "insights" chart on myFICO Premier, which states I have an "exceptional" credit mix. 

Just to clarify, this is just a snafu/flaw in the myFICO Insights chart, and I do indeed need an open installment loan reporting for point gain regardless of the AAoA hit for the new account?

Thank you!

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No it's  not a snafu, you're covered on the "credit mix" factor.

You can still gain points in your FICO 8 scores by adding a 91%-paid-down installment loan. But I would skip it.

[Anonymous]

Ah ok, thanks for that information!

I either had prior poor advice, or I just had a poor understanding of it. I was under the impression it was important to have an open installment loan (ideally below 8.9%...but have one open either way).