Do closed accounts count for "mix of credit"?

[abundancejones]

Just read that mix of credit accounts for 10 percent of your FICO score. Does it count if the accounts are closed on my report and paid in full? Or do they only consider open, reporting accounts? I have closed student loans, a car loan, and bank cards. 

[bettercreditguy1]

Yes, they will still factor in.

[user5387]

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@abundancejones wrote:

Just read that mix of credit accounts for 10 percent of your FICO score. Does it count if the accounts are closed on my report and paid in full? Or do they only consider open, reporting accounts? I have closed student loans, a car loan, and bank cards. 

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You might wish to look at this thread:

   http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mix-of-credit-closed-accounts/td-p/309619...

One of the points made is that open accounts do more for you than closed ones.

This doesn't necessarily imply you should run out and get several new installment loans, given that there are certain startup and maintenance costs associated with any type of loan.

[CreditGuy03]

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@user5387 wrote:

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@abundancejones wrote:

Just read that mix of credit accounts for 10 percent of your FICO score. Does it count if the accounts are closed on my report and paid in full? Or do they only consider open, reporting accounts? I have closed student loans, a car loan, and bank cards. 

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You might wish to look at this thread:

   http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mix-of-credit-closed-accounts/td-p/309619...

One of the points made is that open accounts do more for you than closed ones.

This doesn't necessarily imply you should run out and get several new installment loans, given that there are certain startup and maintenance costs associated with any type of loan.

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@user5387 wrote:

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@abundancejones wrote:

Just read that mix of credit accounts for 10 percent of your FICO score. Does it count if the accounts are closed on my report and paid in full? Or do they only consider open, reporting accounts? I have closed student loans, a car loan, and bank cards. 

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You might wish to look at this thread:

   http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mix-of-credit-closed-accounts/td-p/309619...

One of the points made is that open accounts do more for you than closed ones.

This doesn't necessarily imply you should run out and get several new installment loans, given that there are certain startup and maintenance costs associated with any type of loan.

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what makes no sense is closed accounts paid as agreed do nothing for you, however closed accounts as charge offs affect you and unpaid revolving affects you just as a normal open revolving account does.

[Revelate]

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@CreditGuy03 wrote:

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@user5387 wrote:

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@abundancejones wrote:

Just read that mix of credit accounts for 10 percent of your FICO score. Does it count if the accounts are closed on my report and paid in full? Or do they only consider open, reporting accounts? I have closed student loans, a car loan, and bank cards. 

---

You might wish to look at this thread:

   http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mix-of-credit-closed-accounts/td-p/309619...

One of the points made is that open accounts do more for you than closed ones.

This doesn't necessarily imply you should run out and get several new installment loans, given that there are certain startup and maintenance costs associated with any type of loan.

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@user5387 wrote:

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@abundancejones wrote:

Just read that mix of credit accounts for 10 percent of your FICO score. Does it count if the accounts are closed on my report and paid in full? Or do they only consider open, reporting accounts? I have closed student loans, a car loan, and bank cards. 

---

You might wish to look at this thread:

   http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Mix-of-credit-closed-accounts/td-p/309619...

One of the points made is that open accounts do more for you than closed ones.

This doesn't necessarily imply you should run out and get several new installment loans, given that there are certain startup and maintenance costs associated with any type of loan.

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what makes no sense is closed accounts paid as agreed do nothing for you, however closed accounts as charge offs affect you and unpaid revolving affects you just as a normal open revolving account does.

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Who has stated even in the threads quoted that closed accounts don't do anything for you?

All things being equal: if you have two identical length tradelines reporting as positive history, and one was just closed and one is still open, the open one counts somewhat more than the now closed one.

That doesn't mean the closed one isn't worth spit in the FICO algorithm: the absurd Transunion New Accounts score or whatever they're marketing it as these days, which only factors open accounts, should absolutely be ignored... and frankly, laughed at in my estimation.

[GFer]

Agree with Relavate.  I had an account listed as an old baddie. When the 'bad' status aged off I gained 6 points. When the account itself aged off my my report I lost 13 points for aaoa's.