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pinsetta

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Number of Accounts vs. Length of Credit History
I only have a total of 9 accounts with an average credit history of just over 5 years. If I open additional accounts in order to increase my number of accounts, this will reduce my average credit history length. Which is better to improve my credit score?

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Here's how your FICO is calculated:  35% is payment history, 30% is utilization, 15% is credit history (age of accounts), 10% is mix of credit and 10% is inquiries.  Opening another account will cause a small dip due to inquiry, and possibly a dip due to utilization (can't say without seeing your full report).  If you open additional accounts, make sure they are a different type than what you already have and you can reap the 10% mix of credit benefit to offset the inquiry.  Sorry I can't give you a more definitive answer, but here's a great, easy to use website that may help you decide:  www.credit.about.com.  Best of luck!

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