How many open accounts?

[Anonymous]

OK.  How many open accounts do I need to make sure are enough to improve the credit?  I only have one home improvement loan with a balance of 3000 and one AU from Sears just added this week.  All the others are collections that we just paid including medical bills and cc.  I would like to try Orchard Bank but don't know.  BofA 99/500 depends on the CS too. 

[Tuscani]

There is no magic number. You can have a 700+ FICO with only a few TLs. The important thing is that you have a good mix.

[MidnightVoice]

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Tuscani wrote:

There is no magic number. You can have a 700+ FICO with only a few TLs. The important thing is that you have a good mix.

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True that.  Except for EX  

[Tuscani]

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MidnightVoice wrote:

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Tuscani wrote:

There is no magic number. You can have a 700+ FICO with only a few TLs. The important thing is that you have a good mix.

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True that.  Except for EX  

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Yea... well...... I am not going there.

[fused]

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MidnightVoice wrote:

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Tuscani wrote:

There is no magic number. You can have a 700+ FICO with only a few TLs. The important thing is that you have a good mix.

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True that.  Except for EX  

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Hey MidnightVoice, I thought it was EQ that hates new accounts or too many accounts.  It's EX that hates too many balances.

[Anonymous]

So, how can I do a good mix since I only have two open accounts?

[MidnightVoice]

fused111 wrote:

Hey MidnightVoice, I thought it was EQ that hates new accounts or too many accounts.  It's EX that hates too many balances.

EQ hates inqs.

It seems to like new accounts with high CLs (to the tune of 12 points)  

[Tuscani]

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ncyjse wrote:

So, how can I do a good mix since I only have two open accounts?

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You can't.

IMO,  a couple store charge cards, 3-4 major cards, an auto, a mort, and maybe a student loan defines a good mix.

[fused]

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Tuscani wrote:

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ncyjse wrote:

So, how can I do a good mix since I only have two open accounts?

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You can't.

IMO,  a couple store charge cards, 3-4 major cards, an auto, a mort, and maybe a student loan defines a good mix.

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Outside of a mortgage, does FICO distinguish btw the different types of installment loans...auto, student, secured, unsecured and so forth?  I have one paid auto and two unsecured loans reporting paid as agreed, not having a student loan, does this hurt my credit mix?

[Tuscani]

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fused111 wrote:

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Tuscani wrote:

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ncyjse wrote:

So, how can I do a good mix since I only have two open accounts?

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You can't.

IMO,  a couple store charge cards, 3-4 major cards, an auto, a mort, and maybe a student loan defines a good mix.

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Outside of a mortgage, does FICO distinguish btw the different types of installment loans...auto, student, secured, unsecured and so forth?  I have one paid auto and two unsecured loans reporting paid as agreed, not having a student loan, does this hurt my credit mix?

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I don't think so. I believe after mortage an installment is just the same as any other. But to be safe, I recommend different types of installment and revolving when discussing a good mix of credit.