Understanding FICO® Scoring

[K-1]

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?

Thanks!

[Skiffy]

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.