The types of credit you use makes up 10 percent of your credit score. The credit scoring model wants to see a balanced makeup of credit on your report.

To get high credit scores, you need to have both revolving and installment accounts. Revolving accounts include credit cards and installment accounts include automobile loans, mortgage loan or personal loans.

To illustrate the balance of accounts for most americans. The average American has 13 credit accounts showing on their credit report, including 9 credit cards and 4 installment loans, according to Fair Isaac.

Category: Credit, Tips

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