TheGooch Posted August 18, 2011 Report Share Posted August 18, 2011 How many installment loans do I need to build credit?From what I've read, its good to have diverse forms of credit, including cards, personal loans, and mortgages. I have 3 credit cards, a student loan, and a secured loan on which I'm making monthly payments(credit cards 1-9% pif each month) . I'm wondering:Is this enough ?Are any of these unnecessary? I'm particularly looking at getting rid of the secured loan that I took out for the sole purpose of building payment history and diversity. Opening it may have been a mistake if the student loan by itself would be sufficient.Thank you in advance for your time. Link to comment Share on other sites More sharing options...
willingtocope Posted August 18, 2011 Report Share Posted August 18, 2011 You're doing just fine. Pay off the secured loan (they really don't count in the various FICO scoring models (except maybe the "sucker score")). Put the money in an interest bearing something. Cash in the bank is worth more than an open credit line. Link to comment Share on other sites More sharing options...
Recommended Posts