Between Installment Loans & Credit Cards, Which Has the Greater Affect on a Credit Score?

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Between Installment Loans & Credit Cards, Which Has the Greater Affect on a Credit Score?

Feb, 8th 2017

Credit scores are an unavoidable part of life. Every time you move, apply for a job, even rent a car, your FICO credit score is checked. With a bad credit score, you’ll need to pay expensive deposits to do just about anything.

A good credit score lowers interest rates, qualifies you for better jobs, and waives deposits on many transactions. To build good credit, you’ll need to understand the difference between loans and credit cards, how they affect your score, and how to utilize them.

First, let’s take a look at how a credit score is calculated.

Credit scores seem complicated, but they’re actually quite simple. The below table shows what factors go into calculating your credit score.

As you can see, payment history and amounts owed are...

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