Part 2 – Risks to Closing Accounts to Improve Your FICO score

Posted on July 23, 2008 - Filed Under History, improve credit score | Leave a Comment

The second reason closing accounts could hurt your good FICO score or might not help you improve your FICO score is your credit history. Your Credit History makes up 15% of your FICO score. If you think you are going to improve your credit mix by closing mix you could hurt this.
Your credit history [...]

What is a “Healthy Credit Mix?”

Posted on July 17, 2008 - Filed Under FICO Formula, Factors | Leave a Comment

Your FICO score has many different factors that come together to generate your score. One is your Credit Mix and it makes up to 10% of the FICO score. The score wants to see a “healthy mix” of credit. What is does that mean?

They like to see you using many different forms of credit. [...]