Good Morning!
I wanted to give you another update on ways to improve your credit score...
New credit, and your credit mix - each comprise about 10% of your score.
You should avoid opening too many credit lines at the same time, since such behavior could suggest you are in financial trouble and need significant access to lots of credit.
FICO suggests that borrowers only take on additional credit when they must have it or when it makes sense financially.
It makes sense when you think about it, but repaying a variety of debt indicates the borrower can handle all sorts of credit.
According to FICO, historical data indicates that borrowers with a good mix of revolving credit and installment loans generally represent less risk for lenders.
Thanks for reading, and have a great day!
Brett
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