Explanation
Lenders prefer to see that a borrower can responsibly manage different types of obligations. A file with only credit cards tends to score lower than one that also has an installment loan or mortgage history.
Credit mix should never be optimized by opening accounts you don't need; it improves naturally as your financial life grows.
Examples
- •Credit cards (revolving)
- •Auto loan (installment)
- •Mortgage (real estate installment)
- •Personal loan (installment)
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