Having Store Cards Necessary!!!

[Anonymous]

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@Thomas_Thumb wrote:

Unfortunately the 3B report does not speak directly to a credit mix rating. I have open: Charge card (AMEX), Store card (Best Buy/Cbna) and major credit cards (FIA Visa signature, AT&T Universal/Citi Mastercard, Discover card, AU on BoA Mastercard. Closed includes a Kohls/Capital One and Chase Bank Mastercard

Pasted below is my 3B summary from July when my file was transitioning (10 year age offs of closed mortgage and a major credit card - thus the difference in # accounts between CBs). Some of the "current accounts" are closed accounts. I realize it does not address your question specifically but may help show what works in other areas

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None of the reports speak directly to mix.

Just click on one of your scores from the My Account page, under the graph you will see FICO 8 score ingredients, then click on credit mix to get to the screen I showed.

[Karma2678]

I just wanted to confirm that you CAN have reasonably high FICO's without a number of accounts or even a good mix of accounts.  After my last baddie fell off my report I was left with ONE positive TL.  It was Kay Jewelers and only had a $200 credit limit/ $0 balance over 7 years old.  I was shocked when I pulled my FICO with EQ and it was 757!  I remember my score had never been that high before and I felt like I could get approved for just about anything. So, I applied for just about everything and that is when I learned that score isn't everything.  I did get some decent approvals like Cabellas, US Bank/Kroger card, NFCU LOC 15K, NFCU Cash Rewards 15K etc.. but I also got a number of denials. Many creditors wanted to see at least 2 major cc's reporting history.  

[Revelate]

I don't think store cards have counted differently since FICO NextGen which is an ancient score at this point, for mix of credit or anything else at this point.

[Anonymous]

How can one actually have a 850 score?? That's a perfect score

[Thomas_Thumb]

It's a matter of age and some good credit management.

Check out the graphs and table posted elsewhere on MyFico.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

[Anonymous]

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@Anonymous wrote:
How can one actually have a 850 score?? That's a perfect score

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It's a perfect score, in the sense that it's not possible to get a higher number on the standard FICO 8.  But you may be thinking that a perfect score means that the person had a perfect credit profile in every possible way, no way it could be improved.  That is not true.

It's a bit like getting an A in a class.  That is a perfect grade.  But it doesn't mean that the student answered every question on every test right.  You can get an A and still have room for improvement.

What is likely is that the algorithm has a buffer at the top, almost as though it ran all the way up to 860 (say).  People who score at 850 or better all get an 850.  For example, one factor that has been carefully studied on this forum is the Number of Accounts Showing A Balance.  If two people each have six credit cards, and one shows a positive balance on all six, and the other guy has five showing $0 and the other CC with a small balance, the first guy will lose a few points compared to the 2nd guy.

But ThomThumb has shown that he's able to have all six of his cards with a positive balance and still have an 850.  So it as though he's actually got an 854 and has some wiggle room to lose a few points and still have an 850.

Likewise there's no question that with two profiles that are identical except age, then the profile that is older is in a sense better.  But you can still get an 850 even though your account age isn't perfect. 

[Anonymous]

I've had credit for 15 years since I was 18.. my score currently is a strong 810.. I currently have 18 installment loan 12 major credit cards a Victoria secret card a lowes card.. With all that I still don't have a 850 but I don't care right now I can walk into any dealership sign my name and take a car off the lot so I'm happy at where I'm at for being 33