To a lesser extent than your credit history, the amount of your credit and the time you have had credit, your credit score will be affected by the type of credit that you have

1. The Type of Credit You Have
To a lesser extent than your credit history, the amount of your credit and the time you have had
credit, your credit score will be affected by the type of credit that you have.
You can estimate that this will account for approximately 10 percent of your credit score on
average.
As with most other areas of credit repair this is also relatively easy to resolve by simply getting
more of a mix with your borrowings.
Lending institutions like to see that you are capable of managing various types of debts as this
will give them the confidence that you will be able to handle the repayments of their money.
If you have a few different types of loans and also pay bills on a regular basis then that will
represent a fairly rounded portfolio and should show that you are competent with the
management of your responsibilities.
Look at the types of credit that you currently have and consider getting other types of credit in
the form of credit cards, small hire purchase loans or any other small loans that differ from those
that you are holding at present.
This is not to encourage you to increase your debt and place additional strain on your finances
but you can substitute part of one form of credit with that of another.
You will need to look for a suitable balance when doing this as even though the lending
companies like to see that you can handle many different forms of debt they won't like to see
that you have too much debt or too many debts.
Think along the lines of the lender and borrow according to what you believe they would like to
see.
In all accounts make sure that you make all your repayments on time and when you are
managing more than one debt you really do need a budget to make it easier to manage and
remember the payment dates.
If you want to get the best credit ever, get approved for your dream home, car and stop
collectors from harassing you on a daily bases, then it’s time to take action by signing up for you
free Self Credit Repair E-Class by Clicking Here Mark Clayborne is Amazon’s best-selling
author of “Hidden Credit Repair Secrets” and a credit repair expert with 10 years of experience
assisting consumers with credit related issues. He is also the radio host of the show “Who Else
Wants Better Credit” on blog talk radio every Tuesday at 7:30PM-PST.