Credit Card Center Advertiser Disclosure

New Visitor
Posts: 3
Registered: ‎03-23-2007
0 Kudos

Improving My FICO Score “Types of Credit Used”

According to “What’s in Your Score” under this site:

“Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)”

The only type of account I have is (two) credit cards. Should I open a retail account? (It sounds like this will help this FICO Score category and because it is a different type of account that credit cards - will not hurt my “Length of Credit History”???)

What are examples of “retail accounts” (Macy’s - I got, but what about an airline credit card or a gas station credit card? Others?)

What is a consumer finance account? I have an account with “Waddell &
Reed” which is an investment company. Should I set up a recurring deposit to them?


Regular Contributor
Posts: 252
Registered: ‎03-16-2007
0 Kudos

Retail accounts would include store cards (and some, like...

Retail accounts would include store cards (and some, like Macy's, Target, and Nordstrom, also issue major credit cards, so it's not necessarily a given that a store card would therefore be a "retail" account).

Consumer finance accounts include things like Household Finance and CitiFinancial. Many lenders see finance company accounts as a warning sign for financial dire straits, so be aware that just because it adds to a mix, it may not help you achieve your financial goals.

Investment companies generally do not report on consumer credit reports.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.