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laralee16

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How do I help my credit mix?
I started repairing credit about a year ago, the one constant complaint that is suggested is adding different types of credit. I currently have 3 open credit cards, and 2 auto loans on my report. The CCs and one auto loan are in good standing, the other auto loan was charged off and eventually settled over a year ago.

The question is, how do I get a better "mix" or more accounts? CK says I need 11 accounts to be considered "Good", and my measly 5 accounts quantify "Very Poor". Only credit cards seem to be an efficient way to add an account, and I don't know if having more than 3 of them is wise.

The categories I know are Credit Cards, Auto, Student, Home, and Other Loans (whatever that is). Is there another way I'll ever get more accounts without having to buy a house or car or going to school? Or should I just keep getting more credit cards?

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Take the time to look at some other resouces besides Credit Karma. Credit Karma is not the one stop shop for credit advice, their advice only pertains to one scoring model for credit. Do some reading on how to build good FICO scores too. Three credit cards and one installment loan is a fine credit building kit. The prompt for you to get eleven accounts is wreckless advice. Grow your credit profile slowly and keep reading everything that you can. Keep your bills paid on time and keep your balances low. Try your best to get any negative information removed from your credit reports.

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laralee16

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Thanks for the advice. It's not just CK that is saying it, though. Credit Sesame, as well as the cards I have which offer a credit score say the same thing, a big reason for my score being so low (640-670) is too few accounts. The 11 suggestion was just for "good", "excellent" requires 21+, and I agree that sounds reckless. But how would anyone have that many?

Are there short term loans which will show on my report for 7 years after payoff? Maybe I should do that a few times. I'm not so much asking for right now as I'm rebuilding, but thinking ahead to what the next step will be.

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Some lenders report loans to the credit bureaus and some do not, so if you go to get a loan, make sure that the lender reports to all THREE credit bureaus on a regular basis. Keep in mind that for best scoring a loan needs to be open, but paid down. While opening and closing loans will put more accounts on your reports, it will do little for scores at least in the short term, it would in fact probably keep your scores down or even lower in the short term. I would advise you to buy your FICO scores from a site like myfico and see where you are with FICO, those are the primary scores to worry about as most lenders use a version of FICO in their lending decisions (not all, but many). It is my strong opinion that the biggest problem that you have is negative information on your reports if you have charge offs.

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