Credit Mix + Student Loans

[jeffrey_MBP]

Just a heads up for anyone interested in FICO scoring and credit mix - my student loans just hit my report and the score increased by 10 points.  They had been removed (not closed) during the switch to Sallie Mae and then readded the accounts.

Help scoring.

[llecs]

Could the 10 points have been the result of a change in length of credit history and/or AAoA?

[jeffrey_MBP]

My credit history is 13 years old; however, my AAoA signficantly decreased after the add because Sallie Mae is reporting the open dates at 08/2013.

[Revelate]

If those are your only installment loans, that's certainly plausible.

[jeffrey_MBP]

It is currently my only open installment loans - I have quite a few closed installment loans, though.

[Revelate]

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@jeffrey_MBP wrote:

It is currently my only open installment loans - I have quite a few closed installment loans, though.

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Don't know then, could've been something else.  We've had a few anecdotal reports of a slight decrease in FICO with less thna 2 *open* installment loans but we're talking rounding errors in the algorithm for the most part to my understanding.

[Sonic98]

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@jeffrey_MBP wrote:

Just a heads up for anyone interested in FICO scoring and credit mix - my student loans just hit my report and the score increased by 10 points.  They had been removed (not closed) during the switch to Sallie Mae and then readded the accounts.

Help scoring.

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I wish mine had been deleted when I switched from Sallie Mae. Am I to assume that someone with a couple student loans showing on their report doesn't need to worry about their "mix" as long as they have a couple credit cards. I guess a couple loans is all you need.

[Revelate]

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@Sonic98 wrote:

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@jeffrey_MBP wrote:

Just a heads up for anyone interested in FICO scoring and credit mix - my student loans just hit my report and the score increased by 10 points.  They had been removed (not closed) during the switch to Sallie Mae and then readded the accounts.

Help scoring.

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I wish mine had been deleted when I switched from Sallie Mae. Am I to assume that someone with a couple student loans showing on their report doesn't need to worry about their "mix" as long as they have a couple credit cards. I guess a couple loans is all you need.

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Pretty much, the bulk (if not the entirety) of the mix-of-credit function can be satisfied with two revolving and two installment tradelines for the base FICO algorithms.  A few credit cards and a couple of student loans, dunzo.