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mixing different types of credit

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RHAL
Regular Contributor
‎12-25-2010 06:12 AM
‎12-25-2010 06:12 AM

mixing different types of credit

I have seen on this forum people say if you have all mc, visa, discover, amex in your wallet, it would help your score if you got a store card. In this situation if I have closed store accounts, but the only open accounts are visa, mc, etc. will it still help me?

My wallet? AMEX PR Gold NPSL, AMEX HH 1k, Citi Hilton Reserve VS, CSP 9.2k, Chase Freedom 6.7k, Chase Sapphire 5.2k, USAA AMEX 2k, Cap 1 Cash 1.2k, BBRZ MC 500, Barclaycard Apple 1.5k, Barclay Ring 4.5k, Bank Americard 123 5.5k, NFCU Cash 14k
Starting Score: (9/27/10)TU:602 EQ:567
Current Score: TU:670 EQ:670 EX: 706 chase pull
Goal Score: TU:700 EQ:700

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My wallet? AMEX PR Gold, Citi Hilton Gold, Cap 1 Cash, BBRZ MC, Barclaycard Apple, Bank Americard Cash
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AndySoCal
Senior Contributor
‎12-25-2010 02:28 PM
‎12-25-2010 02:28 PM

Re: mixing different types of credit

VISA , MC and Discover are usually considered bank cards and have  slightly different considerationFICO score calcuation. I word of warning FICO also has a score reason for too many of these type of accounts score reason 4.  AMEX is a little differnt. Depending on what type of Amex card you get  it is considered a charge card. The charge card si where the balance is due in full each month this is not factored into the credit utilzation calculation. All store cards and VISA, MC and discover are all  considered revolving debt. Yes your open accounts will help you. FICO likes a long credit history  the longer the better. Be careful if you are considering closing a credit card accounts this could hurt your score.

FIC Scores XPN v8 805 V2 831 (SDFCU) TUC V 8 800 07/25 EFX Bankcard v8 822 EFX FIC0 v8 807 Vantage score 4.0 817 via JC Penney
JC Penney 10/2008 4,700 US Bank Cash 08/2010 12,000 Citibank Custom Cash 5/2015 14,100, State Dept. FCU 06/2023 25,000 02/2024 Redstone FCU Signature VISA 10,000 08/23/2024 Commonwealth Credit Union 15000 07/25 Walmart One 5000 12/04/25
Banking: Lafayette FCU Fortera FCU State Department FCU Redstone FCU Hughes FCU Commonwealth FCU
My personal blacklist Axos Bank, Bank of America, Synchrony Bank Capital One TD Bank Comerica Bank BMO US Bank Wells Fargo
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