Did you know that this was possible?
Understanding how credit scores are calculated is imperative. There are 5 components to a score: payment history, utilization, length of credit history, credit mix, and inquiries/new accounts.
Your credit mix accounts for 10% of your credit score. So while this isn't as nearly as important as how on time you are with making payments...It matters! Creditors don't want to see a report filled with all revolving lines of credit or all installment lines. They want to see how responsible you are with managing both.
One awesome way to add to your credit mix is to open an account with Self Lender.
This is a credit builder account that almost works like a loan and savings account combined. You choose the amount you want to savand that is held in a CD for you. You pay towards the "loan" for
12 months, and at the end of your term, your money is returned,
plus interest! Payment history is reported each month and the account is listed as an installment loan, which adds to your credit mix and helps boost your scores!
Click HERE and get ready to see those scores soar!