What types of credit do I need to get the best credit score?
Philip Tirone’s Answer: About 10 percent of your credit score is based on the various types of credit you have. Ideally, you should have:
- Between three and five major revolving credit cards. (Read the post: “How Many Credit Cards Should I Have?”)
- One mortgage.
- One helpful installment loan (such as a car loan).
To accurately gauge how effectively you can manage debt, the credit bureaus want to see a “healthy mix” of different types of credit. This is particularly important if you have a limited credit history as it lets the credit bureaus know that you can juggle a wide variety of financial obligations.
Though most types of credit will help your score, so long as you follow the rules of credit scoring, one type of credit will always hurt your credit score: “finance accounts.” Finance accounts appear on a credit report as installment loans, and they delay payments for more than 30 days past purchasing. Alternatively, they might allow you to pay interest only or to defer interest during a promotional period.
Either way, any loan that allows you to delay payment will hurt your score.
For instance, be very wary of stores that promote “buy now, pay later” offers. Though these types of credit might appear to be a smart move, they suggest that you are in a financial bind and cannot afford to make immediate payments. The credit-scoring bureaus will respond by lowering your credit score.
Note that finance accounts can sometimes be hard to spot. You can buy furniture, computers, and a variety of other household appliances through installment loans. And if these are traditional installment loans, adding them to your credit report would help your score, assuming you pay on time.
But sometimes stores offer retail accounts or finance accounts that look like traditional installment loans. Though retail accounts (store-specific credit cards) are not as harmful as finance accounts, retail credit cards are not particularly helpful to your credit score. And finance accounts are downright hurtful. If you are unsure how to distinguish between these types of credit, be sure to ask a finance representative before signing on the dotted line.
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A “credit card score” is a letter grade that reflects whether your credit card habits are helping you build credit or causing you to have bad credit: An “A” credit card score is excellent; an “F” indicates that you likely have bad credit. The lower your credit card score, the more likely you have bad credit and need to make immediate changes to your credit card behavior.
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