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Credit MIX Help????

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Credit MIX Help????

Hi All, relative Newbie here with a question.....I have NFCU Auto loan 11,000, NFCU Visa 19,500, Merrick Bank Visa 2,500, Cap One Mastercard  1200,Credit One Visa 1000, Credit One   Mastercard 1500. What types of diverse credit cards should I attempt to add?

TU 686 EX 720 <-----both Credit Karma scores

Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: Credit MIX Help????

Think you're confusing lender diversity, and credit mix.

Message 2 of 5
Valued Contributor

Re: Credit MIX Help????

Yeah, I think you are referring to the credit mix used to describe the different types of accounts, like revolving, installments, etc.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 3 of 5
Senior Contributor

Re: Credit MIX Help????

See also:

http://www.myfico.com/CreditEducation/Types-of-Credit.aspx

 

Selecting a card isn't just about diversifying.  Start with your needs wants and use that to select cards that suit you.  Don't just app for cards solely for the sake of diversity.

 


@bmack777 wrote:

TU 686 EX 720 <-----both Credit Karma scores


Always consider the speciifc scoring model as well when referencing scores.  Consider the relevance of a given model/CRA combo to a given creditor/product.  Your CK scores are only relevant to creditors that actually use a TU or EQ VantageScore 3.0 in their credit decisions.

Message 4 of 5
Valued Contributor

Re: Credit MIX Help????

You already have a good credit mix with your auto loan and your credit cards.

 

On a different note, If I were you I would immediately close those credit 1 accounts. Your in bed with the devil. If you already have NFCU visa and Cap 1 accounts, you no longer have any use for credit 1. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 5 of 5
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