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When you’re honest with yourself and clearly define your priorities, you can craft a money narrative that truly reflects your values and aspirations. A positive outlook on your... Continue Reading
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What is a Credit Mix & Why is it Important for your Credit Score?
A credit mix refers to the different types of credit accounts you have.
The impact of a credit mix on your credit score varies, depending on the credit scoring model used. Lenders and creditors generally want to know how you have managed different types of accounts over time.
Credit mix is one of several factors that affect your credit score.
It is used to consider your ability to juggle different types of credit accounts.
That means both:
revolving credit, typically credit cards
and installment credit, which are loans with a set term and level payments, like a car or student loan, or a mortgage
A credit mix makes up 10% of your FICO credit score, so it’s a less important metric. Nevertheless, it is always good to have knowledge of how credit mix works, and leverage it to boost your credit scores.
Let’s take a look at what credit mix means and how it influences your score.
5 Helpful Financial Hacks for Recent College Grads to Get Ahead
Recent college grads may be in greater need of financial hacks than anyone. They often face challenges like:
Having no “real world” experience in the eyes of many employers
Being faced with unrealistic expectations
Perhaps being forced to relocate
Uncertainty of the future
Little experience in job interviews
On top of this, recent college grads are faced with the monumental challenge of having to manage their personal finances for the first time. Of course, the added burden of student loan debt couldn’t come at a worse time. According to 2023 data from Experian, the average amount of student debt in the US is a whopping $38,787.
Despite all of these challenges, most college graduates benefit from:
Today’s Affirmation
I am deeply passionate about my goals and the path I’m on. I dismiss any negative thoughts that don’t serve my purpose. I commit to actions and... Continue Reading