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Posts: 47
Registered: ‎03-17-2013
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Account mix and closed accounts. Also insurance, vantage, FACO, FICO scores.

I have 5 credit cards and 1 student loan. I am trying to maximize my account mix. So I have a some questions:

 

1. How many types of accounts are there really? Different websites show either 4-6, I believe the FACO equifax showed mortgage, revolving, auto, and other. Credit karma has mortgage and home equity separate.

 

2. Once you pay off a loan, does it become closed? Once it is closed, is it still counted towards your total accounts? Are they ever removed? Once they are closed do they lower your average age?

 

3. Where can I learn more about how insurance (auto, health, life, etc.), vantage, FACO, and FICO are calculated?



Starting Score: 03/17/2013 665 EQ 01/09/2013 EX 724 TU 739?
Current Score: 03/27/2013 682 EQ 01
Goal Score: 850 all three FICO scores, 900 Vantage score, max insurance scores, etc.


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Posts: 22,406
Registered: ‎01-17-2008
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Re: Account mix and closed accounts. Also insurance, vantage, FACO, FICO scores.


UKTone wrote:

I have 5 credit cards and 1 student loan. I am trying to maximize my account mix. So I have a some questions:

 

1. How many types of accounts are there really? Different websites show either 4-6, I believe the FACO equifax showed mortgage, revolving, auto, and other. Credit karma has mortgage and home equity separate.  Revolving (CC), Installment (student loans, auto, mortgage) and open ended, those that have no CL and due in full each month.

 

2. Once you pay off a loan, does it become closed? Once it is closed, is it still counted towards your total accounts? Are they ever removed? Once they are closed do they lower your average age? Yes, paying it off closes it but it still counts towards AAoA.  Closed accounts in good standing stay for up to 10 years from date closed.

 

3. Where can I learn more about how insurance (auto, health, life, etc.), vantage, FACO, and FICO are calculated? You won't find exactly how a score is derived for any of those as they won't make that public knowledge. 


 

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