Step 5 - Use a combination of different credit types.
- A mixture of credit cards, installment loans and loans with fixed payments can help raise your score if you manage the credit cards responsibly.
- Having numerous installment loans can lower your scores because the payments remain the same until the balances are paid in full.
- Don't open new accounts for the sole purpose of doing this, just keep it in mind for future needs.
- And don't forget that closing an account doesn't remove it from your report. It may still be showing up and affecting your score. Be sure to contact the crediter directly and request that it be closed out.