Credit Mix

Reviewed by Vineeth | Updated on Aug 27, 2020

Introduction

Credit mix is defined as the various kinds of credit accounts that form a consumer's overall credit report. Credit mix has a significant influence on credit score.

What is Credit Mix?

A consumer may hold various kinds of credit accounts, such as education loan, mortgage, credit card, and vehicle loans. This combination of credit accounts is called the credit mix. Credit will have a major impact on consumers' credit report if there is minimal information available.

Highlights of Credit Mix

  1. A good credit mix is when you avail different forms of credits and handle them well.

  2. A good credit mix is a positive factor with respect to credit score.

  3. A good credit mix helps in maintaining a good credit score.