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Combination of Credit Types
Maintaining a certain level of balance regarding the types of credit you have can affect your score. Making on-time payments for one or two of the same types of credit lines definitely improves your score, but having a variety of credit types is more appealing to lenders.
If you’ve established a history of on-time payments with various credit card companies, it could be beneficial to look into other types of credit lines such as loans, or even opening up a new account at a financial institution. Having a mixture of credit types on your report indefinitely trumps a singular form of credit.
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