How low will my scores go?

[Anonymous]

I didn't think that store cards were differentiated between bank cards.  Do we know the answer to that?

I guess I'm questioning TTs statement above where he said he believes 3-4 different types of accounts are required for an exceptional rating when it appears that plenty of people have reported exceptional with only 2.

[Thomas_Thumb]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

Anyone have an Exceptional rating with under 10 accounts? If so, please list them and open/closed status for reference.

Not sure how many types of accounts Fico recognizes. Below are some categories that come to mind

1) Mortgage loans

2) Auto loans

3) Student loans & Share Secure loans (SSL)

4) Charge cards (open accounts with 1 month terms)

5) Credit cards (revolving accounts)

6) HELOC and PLOC

It is unclear to me where home equity loans (HEL) would fall.

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HELOC is a type of Revolving Account, according to the myFICO Credit Education section (scroll to 'Types of Credit Accounts'):

Yes, I understand that a HELOC and PLOC are classified as revolving - at least up to a certain $$ threshold. However, as with installment loans, I believe there are sub categories for account differentiation purposes from a mix perspective.

What Does Credit Mix Mean?

@Anonymousreported an Exceptional rating for Credit Mix with "10 open accounts that are all revolvers (9 CCs, 1 CLOC) and 1 closed installment". Permalink

So 11 accounts total with one being closed. Appears to be 3 account types.

@Caardvarkreported Exceptional with 9 open accounts. Permalink (scroll down 3 posts for the mention of 9 open accounts)

Read the post. No mention of whether or not there are any closed accounts on file. Closed accounts relating to loans do factor into mix.

Since I had 'Very Good' with 1 closed installment and either 2 or 4 open bankcards, some number of revolving accounts between 5 and 8

( [5,8] interval ) might also work with/without the addition of an open or closed installment loan.

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Appreciate the links. Looks like I had participated in the credit mix discussion.

[Anonymous]

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@Thomas_Thumb wrote:

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@Anonymous wrote:

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@Anonymousreported an Exceptional rating for Credit Mix with "10 open accounts that are all revolvers (9 CCs, 1 CLOC) and 1 closed installment". Permalink

So 11 accounts total with one being closed. Appears to be 3 account types.

@Caardvarkreported Exceptional with 9 open accounts. Permalink (scroll down 3 posts for the mention of 9 open accounts)

Read the post. No mention of whether or not there are any closed accounts on file. Closed accounts relating to loans do factor into mix.

Since I had 'Very Good' with 1 closed installment and either 2 or 4 open bankcards, some number of revolving accounts between 5 and 8

( [5,8] interval ) might also work with/without the addition of an open or closed installment loan.

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Appreciate the links. Looks like I had participated in the credit mix discussion.

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Didn't @SouthJamaica confirm that an SSL alone with a certain number of revolving accounts was enough for 'Exceptional' on Credit Mix?

"Once I added my first installment loan, a reindeer games Alliant SSL loan, I moved up from "Very Good" in credit mix to "Exceptional", and have been there ever since." Permalink

There is also this from ABCD in 2017 that provides evidence that 5 revolving and an installment loan aren't enough to hit the Credit Mix Exceptional threshold:

"Pulled Discover "Score Card" for the free EX today and my installment loan and 5 credit cards are reporting there. "Credit Mix: Very Good" is the result. I used to have "Credit Mix: Good" in the past with just 2-3 credit cards and no installment loans."

From topic: Credit Mix: Exceptional

[Thomas_Thumb]

I believe SJ had some PLOCs before getting his first SSL. He can confirm. PLOCs are a different account type than a credit card or an SSL. Another complicating factor are CU cards which appear to be coded various ways.

[Anonymous]

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@Thomas_Thumb wrote:

I believe SJ had some PLOCs before getting his first SSL. He can confirm. PLOCs are a different account type than a credit card or an SSL. Another complicating factor are CU cards which appear to be coded various ways.

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I think you're right about that, as you also wrote above "I believe there are sub categories for account differentiation purposes from a mix perspective".

Everything I found so far included some type of LOC. Caardvark's didn't list the types of accounts that were included in '9 open'. I would think a mortgage, auto, and 4 cards would do it, since the average number of cards for the population as a whole is around 4.

Going over all the reason statements for 6 different FICO credit models, I found differentiation among types of revolving and installment loans all over the place: No recent retail balances with No recent revolving (generally), Proportion of revolving HELOC balances to total revolving balances is too high, a bank/national vs retail and other revolving accounts differentiation, etc.

EX 8 doesn't have a reason statement singling out retail cards for nothing. Obviously, there is a characteristic/attribute pair for this specific type of account (and for HELOCs as well):

56

Amount owed on retail accounts

Your FICO® Score considers how much you owe on your retail credit accounts.

11

Amount owed on revolving accounts is too high

Your FICO® Score evaluates how much you owe on your revolving accounts, such as your credit cards.

64

Proportion of revolving HELOC balances to total revolving balances is too high

FICO® Scores evaluate the balances of revolving home equity line of credit (HELOC) accounts in relation to the total revolving balances on a person’s credit report. Your score was impacted because this proportion is too high.

[Anonymous]

So are we confirming that exceptional can be arrived at with [just] revolvers and 1 loan present?

[SouthJamaica]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

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@Anonymous wrote:

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@Anonymousreported an Exceptional rating for Credit Mix with "10 open accounts that are all revolvers (9 CCs, 1 CLOC) and 1 closed installment". Permalink

So 11 accounts total with one being closed. Appears to be 3 account types.

@Caardvarkreported Exceptional with 9 open accounts. Permalink (scroll down 3 posts for the mention of 9 open accounts)

Read the post. No mention of whether or not there are any closed accounts on file. Closed accounts relating to loans do factor into mix.

Since I had 'Very Good' with 1 closed installment and either 2 or 4 open bankcards, some number of revolving accounts between 5 and 8

( [5,8] interval ) might also work with/without the addition of an open or closed installment loan.

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Appreciate the links. Looks like I had participated in the credit mix discussion.

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Didn't @SouthJamaica confirm that an SSL alone with a certain number of revolving accounts was enough for 'Exceptional' on Credit Mix?

"Once I added my first installment loan, a reindeer games Alliant SSL loan, I moved up from "Very Good" in credit mix to "Exceptional", and have been there ever since." Permalink

There is also this from ABCD in 2017 that provides evidence that 5 revolving and an installment loan aren't enough to hit the Credit Mix Exceptional threshold:

"Pulled Discover "Score Card" for the free EX today and my installment loan and 5 credit cards are reporting there. "Credit Mix: Very Good" is the result. I used to have "Credit Mix: Good" in the past with just 2-3 credit cards and no installment loans."

From topic: Credit Mix: Exceptional

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Yes but I had multiple types of revolving accounts: national credit cards, store cards, and personal lines of credit.

[SouthJamaica]

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@Thomas_Thumb wrote:

I believe SJ had some PLOCs before getting his first SSL. He can confirm. PLOCs are a different account type than a credit card or an SSL. Another complicating factor are CU cards which appear to be coded various ways.

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Yes I had one or more PLOC's before getting the SSL. Might also have had the Care Credit "store" card before getting the SSL.

[SouthJamaica]

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@Anonymous wrote:

So are we confirming that exceptional can be arrived at with [just] revolvers and 1 loan present?

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Well definitely it can be; the only question is what types of revolvers are necessary. I know that a charge card is not necessary, since I never had one (reporting) in recent times. I did have credit  cards, both bank and credit union, as well as personal lines of credit and even two store cards.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

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Didn't @SouthJamaica confirm that an SSL alone with a certain number of revolving accounts was enough for 'Exceptional' on Credit Mix?

"Once I added my first installment loan, a reindeer games Alliant SSL loan, I moved up from "Very Good" in credit mix to "Exceptional", and have been there ever since." Permalink

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Yes but I had multiple types of revolving accounts: national credit cards, store cards, and personal lines of credit.

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That makes sense. I didn't find any posts where someone only had 1 installment and a number of regular bank-issued credit cards. The best I found was Saeren's with 1 closed installment, 1 PLOC, and a number of credit cards.

Until I find something else, I'm going to say it's a minimum of 3 account type/subtypes needed for an Exceptional Credit Mix rating.

(And just making this clear for someone new to this discussion: This rating doesn't prevent anyone from getting a FICO 8 850. We're just curious about the factors here.)