Page 11 - What Momma Didn't Teach Us - Credit Edition

Credit Mix 10%- A mixture of different types of accounts such

as revolving, installment and open credit lines are a good

reflection on your credit report. Credit cards, auto loans, retail

cards, gas station cards, home equity line of credit, personal

and installment loans are examples of various accounts.

Remember never to bite off more than you can chew. Don’t

spend more than you can pay. Be responsible with your credit.

New Credit 10%- When applying for new credit, a hard inquiry

will be placed on your credit report. Hard inquiries often drop

your credit score a few points. When a new account is opened

the age of your credit report decreases. Remember the older

the credit report the better. When applying for new credit, be

sure it is necessary. If making any major purchases like for
home, inquiries ran within a 2-week time period.

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