Credit ratings reflect your complete a good loans, therefore the variety of borrowing you have Total financial obligation and you will borrowing from the bank combine. The latest FICO credit rating program will like users with quite a few borrowing from the bank membership, and a variety of rotating borrowing (accounts instance credit cards, you to borrowing contained in this a certain borrowing limit) and you can repayment credit (loans eg mortgage loans and car and truck loans, which have an appartment quantity of fixed monthly obligations). If you have a single kind of borrowing account, growing their portfolio could help your credit rating. Borrowing combine is responsible for up to 10% of one’s FICO Get. Current credit interest. Continually trying to get the latest financing otherwise handmade cards can hurt your own credit history.