Looking For Some Advice

[GFer]

I'm sure someone will correct me if I'm wrong, but I believe they are counted individually and as a whole.

[Anonymous]

Credit cards are counted both independently and as a whole for utilization.

Don't feel bad for paying a loan off early.  It still counts as a paid account in good standing, which looks good to FICO and on a manual review as well.  Note that most people who get an installment loan or mortgage report a modest initial drop in their score, from having an installment loan at the maximum loan balance, and for the inquiry and drop in average age of accounts associated with getting a new account of any kind.  After the loan ages a few months and the balance comes off maximum, the score recovers.

[Anonymous]

Referencing this website about the Wal-Mart card, what can you guys tell me about what this person posted as a con for it?

 "Open Credit Limit: Most store cards do not give you a dollar limit, instead giving you an "open" line of credit. This can have a negative impact on your credit history."

Message Edited by Hahn on 10-01-2008 07:52 PM