Too few recently opened bank installment accounts??

[Anonymous]

I have a juniper credit card which provides a monthly updated TransRiskScore. When you view this score it gives you areas to improve the score. This reason stuck out to me as being odd. I know the TransRisckScore is not a FICO score, but can anyone tell me if this could also be affecting my FICO score?

To improve your score the following areas should be addressed: 

4. Too few recently opened bank installment accounts (Reason 41)

I currently have a mortgage and student loan as installment loans. I do not have any other loans. Could that be hurting my score?

Thank you!

[haulingthescoreup]

Hi, Justin, this is not one of the FICO reason codes, so you're OK. There is a code for "Lack of recent installment loan information", but that would be for someone who has no open installment accounts on his/ her reports, and the closed accounts have been closed for a good while. (No info on what constitutes "good while.")

A lot of FAKO score advice seems to encourage frequent apping, which can hurt your FICO's by dropping your AAoA, etc.

[Anonymous]

If you follow TransRisk and Vantage proffered advice you will destroy your AAoA app'ing new accounts. They both will basically tell you to app forever and ever. Vantage also favors many TL's and higher CL's.