@heynongman wrote:I have a few higher interest installment loans that I'm finally in a position to pay off, but I don't want it to negatively affect my score. I also have active student loans (4 of them). Do the student loans satisfy the installment loan portion of credit mix? And are my four enough to satisfy? Okay to pay off all other installment loans without adverse effects?
Credit cards - I just opened a Secured card with USAA. This will be my only open revolving line. Should I attempt to open one with Discover and/or Cap1 as well? I've read about AZEO. Is three total , with low utilization, the ideal number?
I have one negative closed account with a balance (netcredit). It was closed with a balance, but my fico credit report shows it as a $0 balance and 'collection account' in the notes. But it's not actually listed as a Collection!
What's going on there? Will it pop up as a collection account at some point? Is the damage done and I should leave it alone, or should I seek out NetCredit or current creditor and pay in full? It's not a small amount, it if it helps my score I'll do it.
thank you for the help!!
1. Closed loans count towards your credit mix, as long as they continue to appear in your credit reports.
2. There is a 'no open loan' penalty, which relates to installment utilization not to credit mix; but closing the accounts won't penalize you because you still have the open student loans.
3. There's no urgency about opening another credit card. Wait until your scores are good, so you can get a better card.
4. It would certainly be a good idea to pay off the collection item.
