Financial

5 Components to Your Credit Score

5.Credit mix

Your credit mix shows that you have a variety of different types of credit. In other words. They want you to have a mortgage from a bank credit card, maybe a department store credit card, a gas credit card. All these different types of credit show that you are responsible with credit. So having a variety of credit is also very helpful to your credit score.

So those five components make up your credit score. I know that you being empowered to know and be familiar with what those things are. It’s going to mean that you’re going to have a great credit score. A perfect credit score is 850 and the lowest credit score is 300, a credit score of 700 or above is generally considered good ,a credit score of 800 or above is considered excellent.

Now that you know, you can make those little tweaks to get your score from good to excellent and to do that. I suggest that you sign up for a free credit report, which you’re entitled to once a year .

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