Credit Combinations

[illcrew3]

I read earlier on this forum that FICO has a preferred mix of credit types. What should I aim for to improve my score over a period of time?

[sl]

Keep you utility between 1-9%.

Have a major credit card

Have a installment sale

If you have any baddies, try GW Letters to get them deleted.

[illcrew3]

I have an Orchard card, a First Premier card, a Dell revolving account, a Bestbuy card, a Paypal card, and an HSBC Retail Service account. I don't know if any of my cards are "major" or if any of the other accounts are considered an installment sale. I have one paid collection that I have been battling with but I think I'm very close to getting it off.

[sl]

what is your utility?

[illcrew3]

Right now it's 41% but should be about 25% after the payments I send are received.

[sl]

You should see a big increase when your utility goes down to 25%.

[illcrew3]

Excellent that's what I'm hoping for. I should see an even bigger increase when I drop below 9% right?

[illcrew3]

Could you give me some examples of installment sales?

[sl]

a car loan is an an example of an installment sale.

Something you have set up on your report that you make equal monthly payments for the term of the contact.

At the beginning of August, my utilizaton was 51%.  It is now 34% and my score increased 17 pts.  Then AMEX deleted their TL off my CR last night and I got a 9 point increase today.

What is killing me is my utilzation of 35%.

[illcrew3]

Thanks. Good luck with lowering that util!