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dhcarter34

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Age of accounts or number of accounts?
So I'm in a catch 22 here...My average age of accounts is low and holding me back, but so is my number of accounts. Everything else (use of credit, payments made on time, etc) is an A but I'm still hovering in the 600s. I was just about 680 when I took out a loan for grad school, which increased # of accounts (12, 4 open 8 closed) but lowered the average age to ~3-4 years.

So my question is, should I apply for 1-2 'beginner' credit cards (or even a secured credit card) to increase the number of accounts? Or should I NOT open anything new and focus solely on increasing the age of my existing accounts? I realize the first option might tank my score initially but will do a better job of setting me up for a longer term higher sustainable score.

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Age of credit history > total accounts

Age of credit history is labeled as medium importance; total accounts is low importance. So while it depends on your exact situation, in general it looks like you are better off not opening new accounts you don't need them and focusing on increasing the average age of your accounts.

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