@Revelate wrote:
@Sloedough wrote:Personal Loans vs Installment Loans is like saying Apples vs Apples. They are the same thing. Both are installment loans.
Personal and Student loans are both unsecured. All installment loans on your CRs are treated the same, with the exception of a mortgage.
Pretty certain under modern FICO models mortgage is the same as any other installment loan (well, any non-CFA installment loan, different penalty there). All loans to your point, if they're not counted as a CFA, are the same.
I know others do disagree based on how all the CMS's including the ones from the bureaus present the information, but it's the same reason codes and I got the nearly the same score shifts both upward in my original testing and then downward when the mortgage reported but unfortunately the files were pretty busy when the mortgage landed so I couldn't isolate it.
I should have pretty good data when my mortgage ticks over 80% though in another six months at least.
I thought mortgages helped your credit mix.
@Sloedough wrote:
@Revelate wrote:
@Sloedough wrote:Personal Loans vs Installment Loans is like saying Apples vs Apples. They are the same thing. Both are installment loans.
Personal and Student loans are both unsecured. All installment loans on your CRs are treated the same, with the exception of a mortgage.
Pretty certain under modern FICO models mortgage is the same as any other installment loan (well, any non-CFA installment loan, different penalty there). All loans to your point, if they're not counted as a CFA, are the same.
I know others do disagree based on how all the CMS's including the ones from the bureaus present the information, but it's the same reason codes and I got the nearly the same score shifts both upward in my original testing and then downward when the mortgage reported but unfortunately the files were pretty busy when the mortgage landed so I couldn't isolate it.
I should have pretty good data when my mortgage ticks over 80% though in another six months at least.
I thought mortgages helped your credit mix.
For FICO I don't think a mortgage counts any differently than my Alliant SSL for credit mix. Credit mix is obvious in description but really poorly understood in the specifics of maximizing it; however, pick up a couple of revolvers, and at least one installment loan (not a CFA, use the SSL trick if you don't have a student loan, auto loan or mortgage already), and call it good would be my recommendation.
Admittedly having a mortgage absolutely helps for underwriting in most cases, and there's a lot more that goes into getting approved than FICO anyway.
