mix of credit

10% of Your Credit Score

Mix or credit, also known as credit variance refers to the variety of debt you have reporting on your credit reports.

Being too heavily indebted into only one type of debt may lower your credit scores.

Ideally, you should have a healthy mix of both installment and revolving accounts.

Installment loans are loans with a set length of term like mortgages, auto loans, personal loans, student loans, etc….

Revolving loans, on the other hand, are loans where the balances can either be paid off in full at the end of the month or revolve into the next month like credit cards, lines of credit, or home equity line of credit (HELOC).

In order to maximize your credit scores, it is imperative that you have at least 2 different installment loans and have at least 3 different revolving credit items.

NOTE: Your mix of credit will become a much more important factor if your credit report doesn’t have a lot of other information to base a credit score on.

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