What is the optimum mix and how many of each is best, how many visa or mastercard, how many retail and how many gas, how many installment. I am looking for the best mix to ensure the highest FICO possible
there is no "proper mix" case in point my dad vs my husband my father: several mortgages, numerous credit cards and auto loans. all of which paid on time, never over limit (sometimes temporarily maxed out) credit score 805 (last time i checked) 30 yr credit history my husband: (on equifax) 5 credit cards - only one open w/a $400 limit w/no balance (mortgage doesnt report to equifax). 10 yr history. no lates ever. credit score 767 the people that i have encountered with the best scores only got credit when they needed it, paid everything on time, stayed within a reasonable amount of debt (used credit cards only for emergencies) and the bottom line was they had no idea what their credit score was (or really understood credit scoring for that matter).
25+ YEARS NO BK NO LATES NO OVER-LIMIT NO COLLECTION F.I.C.O. 665-739 I OWED TENS OF THOUSANDS LESS WITH 665 THAN I DID WITH 739!!! I have been around 700 lately and I drop the total amount I owe EVERY SINGLE MONTH...(NOT INCREASING TOTAL DEBT)
george - i'm not kidding when i say the people w/the best scores are the ones who dont worry about it (my dad doesn't even know what a score is).
The best mix is often left open to interpretation but there are some benchmarks. It also depends on your income and how much money you move each year, but generally speaking: 2-4 CC's 1-2 Installments (one of which is a car) 1-2 Gas cards 1-2 retail accounts They just want to see you use your credit and have at least a little experience at handling the two different types of account. .
Re: Re: Re: Proper Mix Which provides a good lesson to the rest of us. George has lots of perefct credit but rarely ever uses it. He's just entirely TOO responsible. They don't want that either. They want someone from whom they can make some money. .
Re: Re: Re: Re: Proper Mix THAT IS INCORRECT...I USE IT... PAY 0.00%-5.90% (BT) I use BANK ONE UNITED VISA and AMEX DELTA for almost 100% of my purchases...USUALLY THOUSANDS OF DOLLARS PER MONTH...(PAID IN FULL)
Re: Re: Re: Re: Re: Proper Mix Well sorry George. I thought you paid everything off in full each month. My mistake. Edit: That's what I mean by not using it Geo. If you pay it all off each month they can't make any money on ya. .
Re: Re: Re: Re: Re: Re: Proper Mix Jenz, Keep in mind I am coming back from a BK-13 and scores are everything when trying to rebuild. If I were to NOT worry about it I would still be at 519 like I was 6 months ago, no credit cards at all, disapproved for even a secured card, An offer on a mortgage of 15.9% with a 65% loan to value. buying a car to get to work at ugly duckling at inflated prices and 26%. To me scores are everything until I can get back into the main stream again. I was not a good boy and I paid for my mistakes and I am through paying . It is amazing how stressful it is to worry all the time when trying to buy anything on credit and the sub prime guys feed off that low score dilemma and gouge you to death. Scores should be worried about. All I ask is what is the best mix to climb out of this hole. Butch, Thank you for the help. it is appreciated
