- Platinum Member
- Posts: 93
- Joined: Wed Aug 17, 2011 10:53 pm
- Location: USA
Diversify is a good way to help give your credit more goodness. BUT don't go around diversifying if you don't need to. For example, I took out a student loan from the government as a necessity for additional schooling. For a while, my credit took a bit of a hit (since it was a big-ish loan), but now my credit's even more awesome than it was before AND I have an installment loan that's in good standing under my name.
Because I now have an installment loan under my name, getting a car loan would actually be easier and would give me a better interest rate than before because the installment loan shows that I can keep a long-term loan agreement in good standing.
But again, don't go around 'diversifying' if you don't need to.
Paying on time, keeping the average age of your accounts as old as possible (don't open too many new accounts), and keeping your debt to credit ratio low(er) are all things that are good markers for credit.
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