5 Ways to Keep Your Credit Score Up That Make No Sense | Money Talks News

17 09 2011

By Jason Steele | Sep 08, 2011

You pay your bills on time, so you expect a good credit score, right? If only it were that simple. In fact, your credit score is determined by a number of different things, and not just by your payment history. Here’s where it gets downright strange: Some of the ways to improve your credit don’t even make financial sense…

1. Your score improves when you have a lot of loans

According to FICO, the company that generates the most important of all the credit scores, 10 percent of your score is determined by the types of credit used. That means that someone with car loans, student loans, and retail store accounts may actually have a better score than someone who has only one type of loan; and way better than someone with none.

via 5 Ways to Keep Your Credit Score Up That Make No Sense | Money Talks News.

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