Major Tom
Thinks s/he gets paid by the post
I used to have multiple mortgages, but they dropped off my credit report a few years ago. Now, my only credit is 3 credit cards, one of which rarely gets used. I use the other 2 to pay as many of my regular expenses as possible, and pay them off in full every month. The expenditure is always a small fraction of my total available credit.
When BofA and Amex began making FICO scores available for free, I was concerned that my lack of installment loans, such as a car loan or mortgage, would hurt me. According to the blurb that came with the FICO scores, it actually has, along with the fact that I have "too few accounts". However, given that my score always comes in at around 840, give or take, I can only imagine what it would be if I had an installment loan or two on my credit as well.
bingybear's advice to make sure you only use a small fraction of your available credit, and to pay the balances off in full every month, is what I do, and it seems to have worked for me. It's great to have a high FICO score - I only wish I needed to borrow money
When BofA and Amex began making FICO scores available for free, I was concerned that my lack of installment loans, such as a car loan or mortgage, would hurt me. According to the blurb that came with the FICO scores, it actually has, along with the fact that I have "too few accounts". However, given that my score always comes in at around 840, give or take, I can only imagine what it would be if I had an installment loan or two on my credit as well.
bingybear's advice to make sure you only use a small fraction of your available credit, and to pay the balances off in full every month, is what I do, and it seems to have worked for me. It's great to have a high FICO score - I only wish I needed to borrow money
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