Types of credit in use
Credit mix determines 10% of a FICO Score
FICO® Scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. It's not necessary to have one of each, and it's not a good idea to open credit accounts you don’t intend to use.
The credit mix usually won’t be a key factor in determining your FICO Scores—but it will be more important if your credit report does not have a lot of other information on which to base a score.
Have credit cards – but manage them responsibly
Having credit cards and installment loans with a good payment history will raise your FICO Scores. People with no credit cards tend to be viewed as a higher risk than people who have managed credit cards responsibly.
What types of credit accounts you have
Do you have experience with both revolving credit and installment type accounts, or has your credit experience been limited to only one type?
How many types of credit accounts
Your FICO® Scores also look at the total number of accounts you have. How many is too many will vary depending on your overall credit picture.
Closing an account doesn’t make it go away
A closed account will still show up on your credit report, and its history will be considered by your FICO Scores.
Go back to What’s in my FICO Scores
The Score That Matters®
FICO Scores are the standard credit score in the US, used in more than 90% of lending decisions.