Just thought of it. Does having fewer than 2 revolving accounts hurt credit?

[Anonymous]

Having fewer than two accounts doesn't "hurt" you per se. But you're also not getting all the lift you can from accounts if you have so few of them. I recommend a minimum of four revolving accounts, one charge account, and an installment loan for optimal FICO boosting.

[Anonymous]

Hope I'm not hijacking this thread, but what do you mean by "charge accounts"? What type of accounts fall into this category?

[Anonymous]

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Chromerust wrote:

Hope I'm not hijacking this thread, but what do you mean by "charge accounts"? What type of accounts fall into this category?

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A charge account is a store or gas card like Macy's, Target, Home Depot, Exxon, etc.  This does not include co-branded bank cards that have the MasterCard or Visa logo.

For example, a Macy's store credit card is a charge account, but the Macy's Visa is a bank card.

[Anonymous]

Got it, thanks for clearing that up for me Cheddar. I suppose I should go and get one now since all I have are regular CC's.