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Registered: ‎02-03-2008
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What are Premium Bankcard Accounts? How do I wade thru conflicting info?

I am not understanding what seems to me to be conflicting information as to what factors are dragging my credit scores down.  I know I have some late pays from when I was in the midst of a divorce and I understand they'll age off eventually.

 

Per Equifax: There are too many personal finance accounts on your credit report. There are not enough premium bankcard accounts on your credit report.

 

  1. How many accounts are considered "too many"?
  2. What constitutes "premium bankcard accounts"?   I have Discover, Visa and Mastercard.   If I open "premium bankcard accounts" (Amex?), won't that be offset by increasing the "many personal finance accounts"?

 

 

Per TransUnion:  There are too many inquiries on your credit report.  There are too many late payments on your credit report.   There are not enough premium bankcard accounts on your credit report.

 

Same question as above... What constitutes "premium bankcard accounts"?   I have Discover, Visa and Mastercard.   If I open "premium bankcard accounts" (Amex?), won't that be offset by increasing the "many personal finance accounts"?

 

Per Experian: There are too many late payments on your credit report  Your installment account balances are too high in comparison with your credit limits. There are too many inquiries on your credit report. Not enough revolving debt experience.

 

How is "enough revolving debt experience" determined?  I've had some mix of credit cards, student loans, mortgage loans and car loans for over 20 years, but none of my older lines that I've paid off or that I closed years ago are on my report. 


Starting Score: 2014 775
Current Score: 822
Goal Score: 840


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