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Posted in Credit Scores
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Question By
emack17

61 Contributions
36 People Helped
How exactly do different loan types affect credit score
I always hear that having a mix of credit cards, installment loans, and mortgage has a positive impact to your score. Does anyone know more about this?

I have paid off my auto loan and student loan, so the only active accounts I have left are credit cards. Does the fact that I have no open installment loan on my credit report hurt my score? Or does it still look at installment loans that have been paid off?

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