Few current accounts in good standing?

[Anonymous]

How much does this impact FICO 08's and can it be quantified?

When looking over my scores pulled from CCT, the 2 "negative" factors hurting my scores are "serious delinquency" which I of course know since I have a 90 day and 120 day baddies on 2 different accounts from 2-3 years ago but also "you have few current accounts that are in good standing."

This second piece of info is obviously a spinoff of the first; the 2 serious delinquencies by definition create the 2 accounts that aren't in good standing.

By "current" accounts I'm assuming they mean "open" accounts... or does "current" mean simply accounts on my credit reports that are open OR closed?

I have 5 current open accounts with 2 of them having those severe late payments, so 60% of my current open accounts are in good standing.

I have 19 total accounts (open + closed) and 4 of them were ever late, or 79% overall are in seen as positive or in good standing.

Is there some sort of percentage that this goes off of or is it something else?

I'm opening up 4 new accounts very soon, so once they report I'll have 4 more accounts "in good standing" which I'm wondering will possibly take away this negative factor from my FICO 08's (and possibly help my scores) or if it's a non-factor.  Thanks for the insight, everyone.

[RonM21]

It may be more based on how much those negative accounts are impacting your score. Those new accounts will report, and the too few good standing accounts phrase may remain.

[Anonymous]

Yeah, that's sort of what I'm wondering here.  I mean, if it's going off of CURRENT (open) accounts, and I have 5 open currently, once my 4 new accounts report which is a significant increase in "positive" accounts perhaps this tagline goes away.  If it's based on total accounts on my credit report (open + closed) which will be 23 accounts, who knows maybe it sticks.

If it's based on severity, not necessarly number of accounts, chances are it will stay regardless as 90 and 120 day derogs are pretty severe.

But, if that's the case, why suggest that the number of accounts is a factor here rather than the severity of the derogs? 

[Thomas_Thumb]

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@Anonymous wrote:

Yeah, that's sort of what I'm wondering here.  I mean, if it's going off of CURRENT (open) accounts, and I have 5 open currently, once my 4 new accounts report which is a significant increase in "positive" accounts perhaps this tagline goes away.  If it's based on total accounts on my credit report (open + closed) which will be 23 accounts, who knows maybe it sticks.

If it's based on severity, not necessarly number of accounts, chances are it will stay regardless as 90 and 120 day derogs are pretty severe.

But, if that's the case, why suggest that the number of accounts is a factor here rather than the severity of the derogs? 

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Closed accounts have no impact on the issue. I do believeopening  a few additional accounts in good standing will be beneficial in the long term. However, you are likely to be negatively impacted when the accounts 1st report. Make sure you actually allow something to report on the new accounts - don't worry about more than one account reporting. After 2 or 3 months of activity then develop a strategy of how many accounts you want to report a non zero balance each month. 

Good Luck.

[Anonymous]

Will do.

Got approved for 3 of the new accounts today, hopefully the 4th after a phone call tomorrow.

I'm not sure if that CCT criteria/data is like CK data and completely irrelevant or if it's worthwhile.

Anyway, hopefully with 4 new accounts reporting postiive information my number of current accounts in good standing moves into a better bucket and I see some FICO points as a result.  I don't plan on applying for more credit for at least a year, so I'm cool with a temporary score drop.  Just hoping that after a few months scores rebound and hopefully exceed their current state.