My credit score jumped 40 points
Super Moderator
Joined: Dec 2002
Posts: 5,735
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From: Vegas, Baby, Vegas!!!
Vehicle: '14 Ford F-150
FICO likes to see a mix of credit. Installment loan, credit card, department store card, mortgage. It doesn't mean you must get them all because no one should have a constant loan debt. But, for maximum points, it likes to see them being paid, and a year or two old.
FICO also likes to see 1-4% utilization of all credit cards rather than 0%. But that doesn't mean you should carry a small balance for the rest of your life to gain those few extra points.
FICO also likes to see 1-4% utilization of all credit cards rather than 0%. But that doesn't mean you should carry a small balance for the rest of your life to gain those few extra points.
You don't have to have multiple accounts. They care more about what the account looks like. I had one open car loan and one credit card at about 10% utilization (paid every month) and had an 820 score. It's how I bought my Mustang at 0% for 6 years.