Credit Mix Optimization - Charge Card?

[Zoostation1]

@Thomas_Thumb  I started showing as "exceptional" for credit mix when I hit 7 revolvers on my report, that's the lowest DP I'm aware of.   I know my score would benefit from a loan reporting, but it went from very good to exceptional with nothing but revolvers.  My prior post on it is below.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-MIx/td-p/6825293

[Thomas_Thumb]

@Zoostation1

Me bad! Thanks for your reminder. I had completely forgot about that post. In the future I will remember.

So, I am editing my prior post to reflect your data point as follows:

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@Thomas_Thumb wrote:

Thanks for the update.

QTY is king for achieving an excellent mix rating. You crossed over a QTY threshold.

Fico classifies AMEX charge cards as open accounts with 1 month terms - not as an revolving account. I've always had an AMEX but my mix languished at very good even though scores were 850.

I have 6 cards including 1 AU account but only 3 bank cards per Fico. So, QTY of bankcards appears to influence mix rating as may total accounts of all types (open+closed).

From past discussions, fewest total accounts for excellent/exceptional mix rating appears to be 7 (on a profile with only cards). Unfortunately the rating can be misleading.

For example, an exceptional rating is not an indication that category score has been maximized. Fico and VantageScore both want to see a combination of revolver and installment accounts (refer to their reason code lists). Also, a very good rating on a file with both types of accounts can score higher in the mix category than an exceptional rating with one account type.

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[FICOdawg]

@Thomas_Thumb 

The 11 includes all accounts (open & closed) I assume?      

[FICOdawg]

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@FicoMike0 wrote:

Fwiw, Here's my data. All ex from myfico.

Accounts, 14

10 bank card, 9 open, 1 closed. 

2 closed listed as "charge account" sync amazon, sync lowes.

2 installment loans, listed as "other", 1 open, 1 closed.

2 inquiries

Credit mix, exceptional

F8 817

Edit, I think the sync were store cards.

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I assume after 10 years the closed accounts drop off?     My credit mix will get worse over time from lack of accounts.   I need pad come CC accounts to help offset what's coming.

[FicoMike0]

I have two accounts which will have been closed 10 years this year. I expect them to age out. This will drop both my oldest account and average account ages.  This was my main motivation to open a ssl. I'm also in the garden, later this year my youngest account and hp will reach 12 months. It will be interesting to see how my scores move.

[FICOdawg]

Other than the datapoint of 11 accounts,  I'm not really sure what to aim for as exceptional mix.     Thankfully credit mix is a lower percetange of the total score.

I'll add a credit card and a 10 year boat loan next year but over the next 3-5 years a lot of old car loans and mortgage from previous house will age off.     My only path to more accounts would be CCs.

[Thomas_Thumb]

An exceptional mix label is not significant in Fico scoring. A very good rating is sufficient for achieving an F8/F9 850 six pack - as long as the file includes an open loan. 

As mentioned, one member stated having an exceptional mix rating with 7 cards and no loans on file. These front end categorical ratings don't allign with how the algorithm is viewing accounts for mix scoring.

If score is your objective vs some front end software label, 5-7 cards and 1-2 loans on file is certainly sufficient for Fico 850s. I' suggest 7-10 cards and 2-4 loans for VantageScore optimization.

P.S. closed accounts count toward mix and file thickness. Nonetheless, both Fico and VS award additional points for open accounts of both types (installment + revolving)