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What does "There are not enough premium bankcard accounts on your credit report" mean ?

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jasonkm1
Regular Contributor

What does "There are not enough premium bankcard accounts on your credit report" mean ?

Or, what is a "premium" bankcard? My credit report service says one thing that's bringing down my score is "There are not enough premium bankcard accounts on your credit report".  Are they going by (high) credit limits? or by Credit card company? I have a chase, comenity visa, barclay's,  boa hawaiian air, best buy, discover, and capital one rewards. All but Comenity and Capital One have limits above $5000. Do you think it means I should try for higher limits or more cards like AMEX and Citi? I don't really need more cards since the credit available to me is more than enough, but I do want to bring my score up to the 800 range. I'm currently around 760's.

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6 REPLIES 6
longtimelurker
Epic Contributor

Re: What does "There are not enough premium bankcard accounts on your credit report" mean

Below very high scores, most of the time you will get a set of reasons why your score isn't higher.  What's not clear is how much they really matter, around 760 possibly not much at all.  Attempting to fix by apping for more cards (getting inqs and lowering AAoA), or going for potentially HP CLIs, would do more harm than good.

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09Lexie
Moderator Emerita

Re: What does "There are not enough premium bankcard accounts on your credit report" mean

Message 3 of 7
jasonkm1
Regular Contributor

Re: What does "There are not enough premium bankcard accounts on your credit report" mean

I use eliminateIdTheft. It gives me the the three scores, and I get that reason for each credit bureau, along with "not enough revolving debt experience". Anybody know what that one is? A car loan or mortgage?

Message 4 of 7
09Lexie
Moderator Emerita

Re: What does "There are not enough premium bankcard accounts on your credit report" mean

Think of the comments as a suggestion. As long as your credit scores are less than 850 the CRAs will state some room for improvement. Based on your cc's you listed, With scores +760, I would not worry about adding/modifying a thing.
Message 5 of 7
Crashem
Valued Contributor

Re: What does "There are not enough premium bankcard accounts on your credit report" mean

OP,

 

The comments earlier about scores above a certain point, the message being mixed is certainly true.

 

However, understand the following.  It is a proven fact that FICO score does not take into account the issuer.  A 500 dollar first premier card will look as good as a 500 dollar chase card FICO wise.  Obviously, lots of lenders use internal scoring systems typically based on FICO.  I have seen some issuers comment about not liking certain issuers, but I think this is more of a we don't like that you have an open first premier account.  So where did you original comment come from?  I doubt it was from FICO score or credit card issuer.  Assuming it was some random "credit score," who cares?

 

As for the not enough revolving credit comment, revolving credit refers to credit cards, line of credit, etc.  It does not refer to mortgages or car loans or loans in general.

               LIMITS IN CARD DESCRIPTIONS
Message 6 of 7
takeshi74
Senior Contributor

Re: What does "There are not enough premium bankcard accounts on your credit report" mean


@jasonkm1 wrote:

I use eliminateIdTheft. It gives me the the three scores, and I get that reason for each credit bureau, along with "not enough revolving debt experience". Anybody know what that one is? A car loan or mortgage?


No -- those are installments, not revolving.

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