How low will my scores go?

[Anonymous]

So I guess we need to find someone with just 1 type of revolvers (but a handful of them at least) and 1 installment loan and see what rating they are able to achieve.

[Thomas_Thumb]

I covered that up thread - Mix rating is Very Good even with a charge card thrown in. No cards from credit unions and no PLOC or HELOC on this file. Two closed credit cards. One open Mortgage. No closed loans of any type.

The below is from Fico. Click on the "?" to get the pop up windows with text.

[Anonymous]

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@Thomas_Thumb wrote:

I covered that up thread - Mix rating is Very Good even with a charge card thrown in. No cards from credit unions and no PLOC or HELOC on this file. Two closed credit cards. One open Mortgage. No closed loans of any type.

The below is from Fico. Click on the "?" to get the pop up windows with text.

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@Thomas_Thumb I wonder if it has something to do with how it's coding your cards, only as 3 bankcards? 

[Anonymous]

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@Thomas_Thumb wrote:

I suspect 3, possibly 4, types of accounts are need for mix to be exceptional. Installment loans (1-3 below) can be open or closed to affect mix. However, from what I have read open accounts (charge cards), revolving accounts and possibly lines of credit must be open. I have 3 types of accounts (1,4 and 5) and a mix rating of Vey Good. I still think there might be total account QTY thresholds as well.

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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@Thomas_Thumb I have exceptional at all three bureaus with only revolvers and car loans. I do believe retail is considered separately, so you could say that I have three types covered. No LOCs. 

And quantity definitely matters, number of bankcard/revolvers is a Scoring Metric in the Mix category, as well as diversity of types, and revolver loan ratio.

There appear to be six types for Mix: Revolving, Loan, Open-ended, Mortgage loan, Retail account, and CFA. (I don't think having one of each is helpful, LOL.) I saw this on a fico document somewhere, IIRC. 

Edit: for purposes of Mix, IMHO the only revolving accounts that are considered a separate type is retail; similarly IMHO, for loan category, I believe only mortgages are considered as a separate type for Mix. For Mix I believe HELOCS and LOCs are considered revolvers. 

When it comes to Amounts Owed, some are definitely tracked separately depending on version per reason codes.

[Thomas_Thumb]

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@Anonymous wrote:

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@Thomas_Thumb wrote:

I covered that up thread - Mix rating is Very Good even with a charge card thrown in. No cards from credit unions and no PLOC or HELOC on this file. Two closed credit cards. One open Mortgage. No closed loans of any type.

The below is from Fico. Click on the "?" to get the pop up windows with text.

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@Thomas_Thumb I wonder if it has something to do with how it's coding your cards, only as 3 bankcards? 

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I don't think all revolving is lumped together from a mix perspective. PLOCs and HELOCs are a different subclass than revolving credit cards. Auto loans, student loans and SSLs may be lumped together for mix but, Auto is called out specifically on some reason codes/statements.

Regarding my revolving accounts and bankcard count...

One is an AU card which is excluded and a second is an AMEX charge which is likely excluded. A third probable exclusion is a Best Buy store card (not their co-branded Visa card) which should be excluded.  The remaining three cards which are probably being categorized as my 3 bank cards are:

1) AT&T Universal Mastercard

2) Fidelity Visa card.

3) Discover card.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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yes to both of the questions you posed. To get excellent in credit mix, you probably only need for accounts three revolvers and a loan. What is @Anonymous 's? But once you have five or six revolvers you need a second loan, imo. 

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But didn't we already conclude from others that they did not have "excellent" (only VG or something lesser) when they had a loan and a bunch of revolvers?  I think SJ was one of them.

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@Anonymous Credit mix is made up of at least 3 metrics: Number of bankcard/revolvers, diversity, and revolver:loan ratio. Therefore it's not just one of these that's going to affect the rating, but some combination of the 3 in my opinion. 

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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yes to both of the questions you posed. To get excellent in credit mix, you probably only need for accounts three revolvers and a loan. What is @Anonymous 's? But once you have five or six revolvers you need a second loan, imo. 

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But didn't we already conclude from others that they did not have "excellent" (only VG or something lesser) when they had a loan and a bunch of revolvers?  I think SJ was one of them.

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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. For most of the time, I've had either one open installment loan or no open installment loan.

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I'll go for that because you had a sufficient number of bankcards and then you met the diversity factor by adding a loan. The ratio may not be optimal, but it's good enough for excellent, considering the combination of the three Scoring Metrics, imho. 

[Anonymous]

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@Anonymous wrote:

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@SouthJamaica wrote:

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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. For most of the time, I've had either one open installment loan or no open installment loan.

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Understood.  So it appears then that one can grab an exceptional with just 2 types of credit as originally believed, but in order to do so one must have more than just a few accounts (say 9+).  Does that sound like a fair assessment?  In the references that Cassie provided of members with exceptional ratings, all of them had 2+ types of different accounts (open or closed) on their CR.

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I would agree, but I don't know what the number is. 

[Anonymous]

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@Anonymous wrote:

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.

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@Anonymous yes, I believe retail is countered separately I believe it was on a fico document or blog somewhere I read.

Furthermore, if you look at negative reason statements, you can see EQ8 separately tracks retail and may penalize if you have a retail balance!

[Thomas_Thumb]

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@Anonymous wrote:

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@Anonymous wrote:

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@SouthJamaica wrote:

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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. For most of the time, I've had either one open installment loan or no open installment loan.

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Understood.  So it appears then that one can grab an exceptional with just 2 types of credit as originally believed, but in order to do so one must have more than just a few accounts (say 9+).  Does that sound like a fair assessment?  In the references that Cassie provided of members with exceptional ratings, all of them had 2+ types of different accounts (open or closed) on their CR.

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I would agree, but I don't know what the number is. 

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SJ had the following types of accounts before adding the SSL:

1) Revolving credit cards

2) PLOCs

3) Retail store cards

I have revolving credit cards, a store card, a charge card and a mortgage. What keeps me from an Exceptional rating is lack of another account type (such as a PLOC) and being below a TBD total account QTY threshold - IMO. With regard to critical mass, I have yet to see a profile rate exceptional with under 10 accounts total (including closed accounts)