I have paid off both installment loans I had on my CR. I took out a car loan for $6000 to be paid in 48 months. I am going to get the check tomorrow morning with first payment due on Feb 7th.There is no hit with hard Inq as the loan was approved in Dec.How bad this will hurt my score in the short term and how long will help by the time my scores comes back. My revolving util is less than 1%. As every says need a mix of loans that is I have decided to add this loan. I could pay it off in 2-3 months or I can leave it on my CR and make monthly payments.Any suggestions?.
concorduser wrote:Thanks Timothy. I can pay down the loan to under 65%. What about the rest of the loan. How many months should I keep it. I was told keeping 24 months is better for an installment loan. Is it true? I'll also add a mortgage soon around march. I am already approved for that Mortgage Loan.So now that I have car loan as Installment Loan and Real Estate Loan ( Once I close the loan) and I have revolving store cards and revolving Visa/MC. Am I all set for the best fico score configuration both in the short term and long term?What else should I do to boost the scores? Or is this best path for fico future. Any thing else I should look into maintaining the best scores?