Personal loan after a 25-35 pts drop across the board

[Bonzoled]

Hi ppl

After one of my car leases ended, leaving me with only one Installment Credit (another car lease)

on my file, I was wandering if getting a small personal loan would boost my score via Credit Mix.

Will the hit of a new LOC and HP be offset by the increase in Revolving/Installment mix?

Thanks for your insight!

Bonzoled

[Azuieldrago]

Is the other lease still being paid on? If yes, then you don't need another loan. If its not, then you would need another loan to get your credit mix.

[Bonzoled]

Only one lease will be left, being paid. 7 credit cards / 1 car lease : is it enough to get a good Credit Mix score?

[SouthJamaica]

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@Bonzoled wrote:

Hi ppl

After one of my car leases ended, leaving me with only one Installment Credit (another car lease)

on my file, I was wandering if getting a small personal loan would boost my score via Credit Mix.

Will the hit of a new LOC and HP be offset by the increase in Revolving/Installment mix?

Thanks for your insight!

Bonzoled

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No it wouldn't. Your "credit mix" is already covered. Your installment utilization will be determined by the remaining car lease.

You would get a new HP, a reset of your age of newest account, and a lowering of your average age of accounts.

It would be a 'lose lose' situation.

[Bonzoled]

Thanks for the insight!

[Anonymous]

You only need one open or closed installment loan on your credit report to satisfy the installment loan portion of credit mix.