Michael
Petruccelli says;
Apply for different types of credit
I’m a renter with two paid-on-time credit
cards and no other loans. I should have great credit, right? Yes and no. While
my credit score is fine, I’ve been denied credit twice because I don’t have a
good credit mix. The types of credit you have makes up 10 percent of your
score, and lenders like to see that you can handle loans that are both
revolving (credit cards, for example) and installment (a mortagage or car
loan).
If you only have a credit card, add a small
personal loan to the mix – perhaps a signature loan from a credit union. Paid
on time, blended credit boosts your score.
