Question: What Are The Types Of Credit?

Question: What Are The Types Of Credit?

What credit types does FICO consider?

  • Installment loans, including auto loans, student loans and furniture purchases.
  • Mortgage loans.
  • Bank credit cards.
  • Retail credit cards.
  • Gas station credit cards.
  • Unpaid loans taken on by collection agencies or debt buyers.
  • Rental data.

Credit mix: Diversity helps your credit score –

What is loan and types?

A loan is when you receive money from a friend, bank or financial institution in exchange for future repayment of the principal and interest. They can be unsecured, like a personal loan or cash advance loan, or they may be secured, like a mortgage or home equity line.

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