My FICO scorecard shows that I have "too few accounts through payments as agreed". For this reason I come on right here to look in ~ the wiki, however that didn't really clarify lot for me either. Is the scorecard saying the I might improve my credit transaction score by opening an additional credit card?
Yeah, it's usually saying the you don't have many companies report in come your credit transaction file, or that you have actually a "thin file".
You are watching: Too few accounts currently paid as agreed
Is this necessarily a bad thing? as soon as I inspect my FICO through Amex, they tell me the exact same thing (“too couple of accounts”) but likewise report a >800 score. I know in my instance it’s because I don’t have any kind of mortgage or car loan history, and only have 2 year of student loan repayment. Will certainly this absence of debt history hurt me once I start using for mortgages?
If friend only have actually one heat of credit transaction it reflects to lenders the you are just trusted through one heat of credit. Compare the to someone that has 5 lines of credit, and no missed payments, lock seem more secure to lend to. Nothing wrong through only having actually one, however having a an ext broad variety of credit obtainable to you will look good.
Opening an additional credit card has actually the following effects on her score:
Increases it by including another account (more is better) and also by reducing as whole credit use (less is better). Reduces it by lowering her average age of accounts (higher is better).
Overall, it’s a good idea come have an ext cards to boost your score in the medium to long term. Brief term deserve to go one of two people way.
This is what's dubbed a "thin file." FICO scoring likes to view that girlfriend have properly handled different kinds that credit:
- revolving credit (credit cards)
- installment debt (car loans, an individual loans)
- mortgage loans
- student loans
If girlfriend drive and buy gas, take into consideration getting one or 2 credit cards indigenous gas suppliers - purchase all your gas ~ above them and pay in complete each month. The cards space low limit (so you are unlikely to gain in over your head), they are actually approve by huge banks choose Citi and also Synchrony, lock report to the credit transaction bureaus. I have actually a 35-year-old Conoco Phillips card with a spotless payment background that is doing wonders for my 800+ credit score.
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I to be hovering approximately 802 because that a handful of years, climate paid off my auto loan and also the only thing top top my credit transaction line were a bunch of credit cards that ns pay turn off in complete each month. Credit transaction Karma dinged me for having too couple of account types. My one amex discussed 10k during our recent move right into our brand-new home and also CK dinged me because that 60 pts in addition to two tough inquiries. Next thing you know, the mortgage reflects up ~ above my credit transaction report and miraculously my credit score climbed back up come 790.
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Comment deleted by user · 2y
Except a an essential piece of info that OP didn't specifically speak to out but was in the screenshot is that they have no to let go payments.
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