What types of credit accounts are needed to get a high credit score?

August 17, 2010 · Posted in Credit Repair

I would like to improve my credit score (it’s about 615) in order to qualify for a mortgage with a low interest rate in about a year or so. I currently have an auto loan and three revolving credit accounts (all bank credit cards). Two of the credit cards are new and the other one is almost a year old. My auto loan will be a year old in a few months. Would my score go up if I apply for more credit? If so what type of credit? What is a good mixture of credit to have to get a higher credit score?

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Tags: auto loan, credit cards, credit score, mortgage

Comments

David M August 17, 2010 at 11:54 pm

Keep what you have. Applying for credit lowers your score temporarily and it may not recover within one year.The most important thing is to pay the bills before they are due and pay more than the minimum payment (even if it’s only $1 more). Also keep the balances on the credit cards below 25% of your limit. If you do this for one year you will see your credit score go up.

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Jenny August 18, 2010 at 12:11 am

Keep your payments up-to-date and you should be good. Don’t get more credit. A score of 750+ is average for a good interest rate. Just keep showing the credit companies that you can be trusted to repay loans. Now is a good time to pull all three of your credit reports and analyze them. Correct any errors and make sure everything is correct.

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Find PDF eBook August 18, 2010 at 7:03 am

ahh

i finally found what i’m searching for last couple of days.. many thanks for sharing the toughts..

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Sharon from Mobile Spa Massage August 19, 2010 at 5:21 pm

I always wondered about how much credit is too much. Most sources say too much credit is bad, but I’m repeatedly bombarded with offers for more credit cards.

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Refrigerators August 20, 2010 at 3:15 am

Credit is really a thing that a person living in an urbanized area could not avoid. Too much for you is not that too much for them. And at the end of the day, their credits pile up. Oh awful. =)

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Emily from Los Angeles Car Accident Attorney August 23, 2010 at 3:43 am

I see to it that I pay the bills on time. I also thought before of applying for more credit card but I realized it’s not worth it because I might end up spending too much.

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dish network in texas August 25, 2010 at 11:52 pm

Its a healthy information about the credit card. Anyboby can improve his/her credit score to read or after taking inforation from these.

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Spousal Visa October 16, 2010 at 7:43 am

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David from Idaho Falls Janitorial May 9, 2011 at 9:21 am

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Matt May 25, 2011 at 3:05 am

I’m pretty sure that the more credit you take out, the better your score is (that’s if you pay it back consistently)
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Travis Vayssie from mortgage rates July 20, 2011 at 2:15 pm

It is good to have two credit account, which you pay off monthly. American Express is a great one to pair with any revolving account.

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