It is important to know that when you go to get a loan, whether it is an installment loan or a revolving loan, 10% of your credit score will be determined by the types of credit you have in your credit portfolio. Having a mortgage in your portfolio is a great boost to your credit score and having some revolving loans are great to have but… they need to be in balance and with good banks or loan companies.

There are good creditors and bad creditors depending upon who they are and what they require when applying for a loan. If you have bad credit, then you obviously will search for a creditor that requires less than perfect credit or a lender that says they will help you “repair” your credit or legally repair bad credit. A warning… some do and some don’t. There are so many scams and crooks out there that it is important to understand what is going on.

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