Is the a Good Credit Mix?? HELP!

[jorin]

Hi Fico Family . 

I'm trying hard to become a member of the 800 club and need some advice as to what my next steps should be.

This is my current mix: 

Installment Accounts 

1 Auto Loan (Wachovia)

1 Student Loan (Federal Gov)

Credit Cards - Revolving Accounts

American Express Blue

Discover More

Simmons First Platinum Visa

Chase Platinum Visa (formerly WAMU... been considering closing this one since they rate jacked me... Should I?)

My current scores are:

FICO
776 - Transunion   784 - Equifax
FAKO (PLUS)
747 - Experian 

Is this a good mix??  Or is there something I should add to this mix that might improve my score in the long run??

Thanks in Advance!

Message Edited by jorin on 08-10-2009 01:03 PM

[Anonymous]

What are your revolving credit limits and balances on all revolving accounts?

[jorin]

Credit Cards - Revolving Accounts

American Express Blue   ($0 / $5000)

Discover More ($0 / $5000)

Simmons First Platinum Visa ($ 0 / $4000)

Chase Platinum Visa (formerly WAMU... been considering closing this one since they rate jacked me... Should I?) ($9 / $2500)

Total Balance $9.00

[Anonymous]

Since you all ready major credit cards you do not a store cards,despite want some belive that are never positive factor for credit mix, they do provide a revovling payment history for those without a major credit card

and never get credit form a furnature store get a loan with your bank

how old is the chase card it old has no af  ,jusy use the card every so often just to keep it active and payit off

Message Edited by rbbyrbsn on 08-10-2009 01:39 PM

[Anonymous]

You are set.   Just keep your utilization low,  limit inquiries to the absolute least for the credit you need and will use.  Charge on the revolving and pay in Full and  let the  accounts age, in time you will be there in the elite 800 club.......Many millionares were made on good credit   keep your dreams alive.

[jorin]

Should I close the Chase though since they raised the rate?

Do I need to add any other types of accounts, like a card from a Credit Union, or a Mastercard? (Previous poster "rbbyrbsn" suggested not to bother with a store card...)

[Anonymous]

---

@jorin wrote:

Should I close the Chase though since they raised the rate?

Do I need to add any other types of accounts, like a card from a Credit Union, or a Mastercard? (Previous poster "rbbyrbsn" suggested not to bother with a store card...)

---

a major credit card visa mastercard amex Discover is a major credit card regarless who it's from

[Anonymous]

I would carry atleast a balance of 100.00 combined on unsecured accounts. I realize it sounds crazy, but carry a SMALL balance on an active account can help your score. Also since unsecured accounts are seen as balance to limit %, there is no reason to get any more cards. New accounts arent good. Closing that account probably isnt going to hurt you at all, but just dont carry a balance and even maybe decrease your limit to send the CC company the message that they cant mess you around. Some lenders view many unsecured accounts with high limits as possible future issues. Something to keep in mind.

What I would do is keep like 2 cards and keep a 100.00 balance. 100.00 balance on 10k total limit.

Then, just business as usual!

[jorin]

OK... The concensus above seems to be:

1)  NOT to add any additional accounts.

2)  Closing the Chase account is option and should not effect my score much.

3)  Keep my utilization around 1% (and never 0).

4)  Continue to pay on time as usual.

Is this right?  And is this everything?  Is there anything else I can do to raise my score?

[Anonymous]

Yes, yes, and exactly, keep it around 1-5% and you will be good!! Unfortunately reaching 800 takes time. I'm 27 and have a 750. No late payments ever, but seems its takes forever!!!!!

I have 4 credit cards at the moment, but am considering cutting down to 2 cards and keeping them for 20 years.

I've actually been denied credit before because I have an available 50k cc limits.

Good luck to you and keep us posted!

Message Edited by Eurosooner7 on 08-10-2009 02:29 PM