On one of my credit cards is a Trans Union credit score that shows up when online viewing my account. There are 4 reasons listed of areas that should be addressed to to improve my credit score. The first one has my completely baffled. And I couldn't find anything on TransUnion that explained the Reason 48 which is: Too few active mortgage accounts. Mortgage accounts?? I have a mortgage on my home since I purchased it in 2007. Why on earth would I need more than one mortgage to improve my score?? Would appreciate some advice. Thank you!
Welcome to CreditNet. First, what you're looking at isn't a FICO score, so I wouldn't pay much attention to it. Second, the suggestions they spit out in these free tools are often bogus in my experience, especially when you already have good credit scores. The tool needs to come up with something, so it spits out things that sometimes don't make sense when your credit profile is rather solid. Obviously, you don't need more than one active mortgage to have great FICO scores. What were the other 3 reasons listed?
The other 3 are: Total Account balances excluding mortgages is too high (reason 68) Bankcard account balances are too high in proportion to credit limits (reason 06) Too few recently opened bank installment account (reason 41)
These are the only 2 I would focus on as they will have the greatest impact on your FICO scores. Pay down those balances, increase credit limits, and improve your overall credit utilization ratio.
