Is the a Good Credit Mix?? HELP!

[haulingthescoreup]

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jorin wrote:

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!

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OK, possibly a retail card (store or oil company logo; no Visa/ MC/ etc logo) might help. There is no clear evidence either way.

Don't close the Chase card if there isn't an annual fee. Who cares about APR? You shouldn't be carrying a balance unless it's a killer 0% APR BT or initial purchase deal. And even then, be sure to have the money in the bank to pay off the balance immediately, in case things go awry.

It's not the "deals" on your cards, it's building up a long, long trail of positive history.

Almost all the banks are raising APR's. This is completely irrelevant unless you carry balances, which you should never to anyway. (Sorry to repeat myself, lol.)

[haulingthescoreup]

Oh, yes, and since this has been mentioned by others, if you want to torture your scores to their best possible setting, have all your cards report $0 (this means paying them off BEFORE they update) except for one. Let that one report $10 - 20, and then pay it off before interest hits.

You can take turns with different cards reporting, if you like.

Use the others all you like during the month; just pay them off before the statement date, when most report. Exceptions: HSBC/ Orchard bank cards and US Bank cards, which update on the last business day of the month, reporting that day's balance. American Express reports the balance on the statement, but they don't report it until 4 weeks later, making them report a month late in effect.