SpoonyNix Posted June 1, 2003 Report Share Posted June 1, 2003 I've had a secured Providian Visa and unsecured Providian MC for over two yrs now. No lates on either. Those are my only CC's, in fact they're my only open accounts. Limits total $2581 but I think I can get that raised to $3000 or more.What type of tradelines should I set up now? 1. I have a house, but the loan is in someone else's name- I could get a refi loan at the end of the summer probably.2. My 1995 Ford Truck is lien-free and maybe I should get a loan on it? I won't buy a new truck.3. Should I get a small bank line of credit after I get a couple more negatives removed?4. Should I get more credit cards? Maybe an AMEX or Discover?Finally, how much will new credit hurt my scores? Link to comment Share on other sites More sharing options...
kb9tbq Posted June 2, 2003 Report Share Posted June 2, 2003 For good credit you want to keep only 3 or 4 credit card accounts at the most. Forget about American Express - they are nothing special.Installment loans with Banks & Credit Unions are the way to go for the best mix of credit. Even Auto loan through bank is good for the mix. Link to comment Share on other sites More sharing options...
SpoonyNix Posted June 2, 2003 Author Report Share Posted June 2, 2003 If I get a new (3rd) CC account with a $2000 limit, won't that bring my score down? If so, how long would you guess it'd stay down?Is that the same if I got a $2000 LOC from one of my banks?My business partner and I will be going to a bank for a big working line of credit later this summer. I think I can have all or most derogatories removed by then, but then the only things that will be on my report will be the two good CC's unless I get new tradelines now. Here's an idea, my business partner has some older tradelines. If a lender or two would add me to his accounts (co-signer), would that tradeline now also be reflected on MY credit report, along with it's long history? [Edit by SpoonyNix on Tuesday, June 3, 2003 @ 06:21 PM] Link to comment Share on other sites More sharing options...
SpoonyNix Posted June 2, 2003 Author Report Share Posted June 2, 2003 kb9tbq,While poking around this site i see the Admin says the same. Apparently FICO may give the most points for 1-2 revolving trades (CC's). So I'm probably best off just sticking to my Visa and MasterCard, getting the limits raised over time, and keeping balances WAY down- like under 10%. As for installment trades, I should get a bank line of credit ($2000 or so) and an auto loan. I own a house but the loan isn't in my name. When I refi later this summer I will have a home loan on my CR's. That should round it out.So does this sound about right? What accounts do you have? What do you WANT to have? Link to comment Share on other sites More sharing options...
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