What is credit mix, and how does it affect your credit score?

From your car insurance premiums to the rates you qualify for on a mortgage, your credit score significantly impacts your daily life. According to Experian, one of the major credit bureaus, the average FICO credit score was 715 as of the end of 2023; if you have that score, your score is good, but not excellent. You need a score between 740 and 850 to qualify for the best rates. Understanding the factors that affect your credit, such as your credit mix, can help you develop a plan to improve and maintain ...