How many accounts should I have to rebuild?

[turts14]

I currently have a student loan reporting positive for 5 months and a secured capital one card reporting positive for 11 months 500 limit and under 40 balance.  Should I open another one?  my score is at 630 and looking to qualify for a FHA loan and get to 640.  Should I open another one?  Will my score do down initially?  

Two open total accounts thats all I have 

What are your thoughts?

Thanks

[pizzadude]

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@turts14 wrote:

I currently have a student loan reporting positive for 5 months and a secured capital one card reporting positive for 11 months 500 limit and under 40 balance.  Should I open another one?  my score is at 630 and looking to qualify for a FHA loan and get to 640.  Should I open another one?  Will my score do down initially?  

Two open total accounts thats all I have 

What are your thoughts?

Thanks

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FICO scoring likes to see two or three open revolving accounts, so adding a new account or two might help.   If these are your only two accounts on your reports then your AAoA is less than 12 months anyway so I would think that you'll see a FICO gain from doing this.   AAoA factors both closed and open accounts ~ do you have any closed accounts on your reports ?

[Anonymous]

i used 3 open accts to qualify for fha. 2 cc and 1 installment loan.i believe though that all accts will have to be established for at least 1yr.

[turts14]

I do have 2 closed cc accounts and two vehicle loan accounts that are closed as well.