Did You Know: How many credit accounts you need to have a good credit score?

Date: June 01, 2018

A question consumers frequently and understandably ask is how many accounts—mortgages, auto loans, credit cards—are sufficient in order to have a good credit score. VantageScore Solutions’ analysts examined how many accounts consumers with prime credit scores typically have in their credit file.

These consumers, who generally qualify for loans, have on average 13 loans in their credit files, and typically the oldest loan is more than 15 years old.

So does this mean consumers need 13 loans? Certainly not. What’s important is that consumers properly manage the credit accounts they currently have, and only apply for new loans when necessary.

Consumers should not take out loans and expect their credit scores to magically improve. Having the right mix of accounts, such as having a credit card, auto loan and personal loan, managing those accounts properly, and always paying on time, will have a positive impact.

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