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Credit card versus Installment Loan

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It's a mix - and given FICO is proprietary, a best-guess scenario.

FICO likes to see a well-rounded credit picture with a mix of the types of credit - revolving, installment, mortgage...

It's been reported that FICO likes to see about 2-3 revolving accounts. If you fall there, that could be the focus of your attention.

An installment loan is a set amount over a set period of time. This is a structured way to build your history (which FICO places a ton of emphasis on - 30 years is considered "prime credit history").

Along with this, of course, comes with your ability to maintain credit usage discipline and the ability to make payments on time. Otherwise, it all goes out the window.

Take a look at where you're at now with your types of credit, and we'll go from there.

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The only loans I have now are a mortgage and car loan. I have had recent past dues on both of them but am doing my best to pay on time or ahead of time on both. Due to a failed business I still have a few negatives on my report all which should come off this year.

What are some of the easiest obtained and best secured cards that I can obtain with the below scores.

EQ - 504

EX - 568

TU - Still waiting on report

Thanks to all.


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