Maximize your credit potential through a balanced credit portfolio

When you are borrowing money, depending upon your need, you can choose different types of loans and credit. Having a mix of different credit accounts, which is called as a Credit Mix, is good for the health of your credit profile, because lenders and creditors generally check how you have managed different types of accounts in the past. A good Credit Mix adds a small portion to your Experian credit score. But if you have varied accounts and paying them on time, it makes lenders think that you are being responsible in handling your credits.

• Automatically renewed as you pay debt
• Interest is fixed, which you pay in EMIs
• Borrower can get access to loan amount once approved

Example: Credit cards, retail store cards.
*Generally unsecured and open credit

• Automatically renewed as you pay debt
• Interest is fixed, which you pay in EMIs
• Borrower can get access to loan amount once approved

Example: Home loan, automobile loan, student loans.
*Generally secured and closed credit

• Automatically renewed as you pay debt
• Interest is fixed, which you pay in EMIs
• Borrower can get access to loan amount once approved

Example: Personal loan.
*It can be secured or unsecured
source Experian mail