Module 7A: Check For Credit Mixture
The types of accounts (or “credit mix”) found on your credit report account for roughly 10% of the points in your credit score. Credit scoring models want to see that you can manage all different types of financing, most notably revolving accounts, like a credit card, and installment accounts, like a mortgage or auto loan. And, if your goal is to build or keep great credit, you’ll want to understand how exactly this “credit mix” factor works.
In this video, you will learn just how important this factor is and if you need a better mix of credit in order to improve your score.