topic Re: How many accounts needed? in Understanding FICO® Scoring

How many accounts needed?

atarvuzdar — Wed, 22 Feb 2012 14:58:26 GMT

Hi all,

I have 3 open accounts--2 credit cards and 1 charge card--on my credit report.

I have 4 closed accounts on my credit report.

I have listed as a negative factor "Too Few Accounts". FAKO sites tell me the same thing.

I presume this means I have a thin file, even though my oldest account is from 1993. How many accounts do I need in order to have a "fuller" file? Do the accounts need to be open accounts?

Thank you all!

Re: How many accounts needed?

llecs — Wed, 22 Feb 2012 15:52:03 GMT

I think you are OK in your mix. I've seen posters hit upper 700s/low 800s with just 3 CCs and nothing else. I bet if you added a new account you might see a score drop and a new negative reason code or two. Where does that comment fall on the negative reasons on your FICO report? I bet it isn't at #1 or #2.

Re: How many accounts needed?

AndySoCal — Thu, 23 Feb 2012 02:38:46 GMT

When is the last time you used your cards ? I preusme the payment history on the cards is good. I ask there a couple of FICO score reasons that begin with too frew accounts.

Re: How many accounts needed?

Imhotrodcrazy — Thu, 23 Feb 2012 02:49:35 GMT

@atarvuzdar wrote:
Hi all,

I have 3 open accounts--2 credit cards and 1 charge card--on my credit report.

I have 4 closed accounts on my credit report.

I have listed as a negative factor "Too Few Accounts". FAKO sites tell me the same thing.

I presume this means I have a thin file, even though my oldest account is from 1993. How many accounts do I need in order to have a "fuller" file? Do the accounts need to be open accounts?

Thank you all!

My file is similar to yours.

I have 4 open accounts and 5 closed accounts. My oldest account goes back to 1992.

My open accounts consist of 1 mortgage, 1 LOC and 2 cc's.

My reports however do not state that I have "too few accounts".

Re: How many accounts needed?

atarvuzdar — Thu, 23 Feb 2012 13:53:11 GMT

Thanks everyone for your responses.

The "Too Few Accounts" comment is #2 on myFICO.

My CC payment history is perfect, one CC is 1 yr old, the other two are two months old. I use them all each month and PIF two of them before the statement date and less than 9% util on the other (thank you myFICO for this tip).

Also, two of the closed accounts are old bad debt that I have had no luck getting removed from my report via GW thus far.

So, maybe the issue is I have too little "good" credit history? Just a thought.