Types of Credit

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 credit 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 related credit history will be considered by your FICO Scores.


Go back to What’s in my FICO Scores

Your FICO® Scores can impact your loan interest rates, terms, approvals and more. Learn more

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myFICO is the consumer division of FICO. Since its introduction over 25 years ago, FICO® Scores have become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use FICO Scores to make consumer credit decisions.

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