What does ''Insufficient number of revolving accounts'' mean when applying for a loan?

Insufficient number means it has the wrong info. Just run your free yearly credit reports and if you still don't under stand it, then call the credit bureau. It should have a reference # on the top right hand side

It means that they didn't want to approve you before, so they certainly won't if you open a new card. Having a "new" card will just give them an additional excuse to use when they deny you again.

You have enough cards. What you don't have is a long enough history of not applying for anything, cards or loans, for over a year before applying for the loan.

Personal loans are pretty much impossible to get unless you have established, spectacular credit. You don't.

Personal loans are the hardest type of loan to get. If you "really need this loan", you probably won't get it unless you go to some scammer loan places you can find online.

If you have had 1 credit card and 1 car loan for a period of time, the loan company probably doesn't want to give you a loan and ''Insufficient number of revolving accounts'' is just one of the excuses.

"Revolving accounts" are credit cards. They are saying they don't have enough data on you to determine how risky it is to loan money to you. Yes, opening up credit accounts will help this, HOWEVER, opening up more accounts will also make your total credit score drop for a period, then it will come back up.

The LENGTH of time you've had the accounts comes into play, too. What the lender wants to see is how many people trusted you with credit and your track record paying them back. Opening a card 10 days ago won't show a track record. They want to see history over a couple of years.

YA?