I paid my auto - Do I need another installment loan?

[hopeagain]

I just paid my car off. I paid it off early (after 10 MO.)

Should I  buy something on installment to keep my FICO score active? I need some things like furniture or fridge. Maybe I could find a no interest deal.

Thanks for any advice.

[Junejer]

Do you have any CCs? An active mortgage?

[hopeagain]

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@Junejer wrote:
Do you have any CCs? An active mortgage?

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No mortgage.

My credit cards are:

BoA $2500 limit

Capt 1 $500 limit

HHB   $900

HHB2  $950

Sams club  $1000

I try to use one card a month and PIF.

[hopeagain]

Bump.

Can anyone advise?

Thanks

[MidnightVoice]

It will stay on the report for 10 years, which I assume will help.

[llecs]

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MidnightVoice wrote:
It will stay on the report for 10 years, which I assume will help.

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Some have reported minor drops when they paid off their last installment loan.

OP, I wouldn't spend $$$ on stuff just to save 5-10 points. If you did go that route, make sure the loan isn't a consumer finance loan (e.g. some furniture loans, CitiFinancial, Wells Fargo Financial, etc.).

[haulingthescoreup]

Agree with llecs. No point in getting a loan to keep your scores happy, unless you need to tweak them for some specific purpose.

Although the closed loan should remain on your reports for ten more years, it won't help in your credit mix. Only open accounts are evaluated for credit mix.

That being said, mix is a relatively small part of your scores.

[hopeagain]

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@haulingthescoreup wrote:
Agree with llecs. No point in getting a loan to keep your scores happy, unless you need to tweak them for some specific purpose.

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You are right.

At some point in the near future I may want to try & get a home, But I can see how this "numbers game" can get addicting. Even to the point of charging when I should be happy just to have the bills paid.

[Junejer]

Right, also, when you go for your mortgage, that will count in your installment mix.

Sorry about not getting back to this sooner. I have been on the forums somewhat sporadically lately.