Your credit mix—the different types of loan products in your credit history—has a lesser influence on your credit score, but is worth considering. Scoring models often take into account your ability to responsibly manage different types of financing, from credit cards to secured loans like mortgages, or personal loans.
If you think your credit mix needs diversifying, consider taking on a low-interest rate loan you know you can pay on time, every time (for example, using an auto loan vs. paying for a car in cash). If you have avoided credit cards altogether, you might think about opening one, charging a small amount each month and paying it off immediately.
While having an attractive credit mix can help you reach an excellent credit score, you shouldn’t take on any financing that you don’t need or can’t handle. Be mindful of your credit mix, but remember: Credit utilization and on-time payments are paramount.