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So I still consider myself rebuilding I'm currently 720 with a new mortgage that started reporting in October. (BK 2005) I have not had any Installment loans (car loans etc) since 2010 as I just have had no need for one.
I am in the process of buing a new car again with cash but was wondering would there be any benefit to maybe financing $10k or some small amount to show that I have an installment loan, or beause I have a mortgage is it not really necessary to show installment debt for FICO scoring if you already have a mortgage?
I'm thinking it might actually hurt my scores showing more debt versus another positive TL. FYI I have plenty of credit cards and decent AAoA so that's not an issue either.
Looking for thoughts...thanks!
@imandy wrote:So I still consider myself rebuilding I'm currently 720 with a new mortgage that started reporting in October. (BK 2005) I have not had any Installment loans (car loans etc) since 2010 as I just have had no need for one.
I am in the process of buing a new car again with cash but was wondering would there be any benefit to maybe financing $10k or some small amount to show that I have an installment loan, or beause I have a mortgage is it not really necessary to show installment debt for FICO scoring if you already have a mortgage?
I'm thinking it might actually hurt my scores showing more debt versus another positive TL. FYI I have plenty of credit cards and decent AAoA so that's not an issue either.
Looking for thoughts...thanks!
Installment loans are a peice.. if you don't have one, then yes, your score mix isn't ideal..
However, it's not a huge deal, if you have a mortgage, revolving ect you have plenty of positive factors.. but I could see an installment loan helping a little..
-scott
Not worth paying the interest for a point or two.