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Improving your credit score: Credit mix and new credit

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Green pie chart of what makes up a FICO credit score

Credit mix and new credit make up around 20% of your FICO® credit score*, combined.

Credit Mix

Around 10% of your FICO® credit score is from your credit mix.

  1. Having different types of credit, such as a credit card account and installment loan, like an auto loan, could be good for your score. Responsibly managing different types of credit demonstrates your ability to pay off future debts.
  2. Only open lines of credit that you need. Do not apply for or open new accounts just to have a better credit mix. The value to your credit score is less than the value of only having credit accounts you need.

New Credit

The amount of new credit you have makes up about 10% of your FICO® credit score.

  1. If you need a new credit account, do all your research within 45 days.FICO® considers hard inquiries into a single type of loan as rate shopping and will group the credit pulls as a single inquiry, which is better for your score.
  2. Try to avoid opening a number of new accounts within a short period of time. When you do, credit bureaus are concerned that you take on too much debt in too short a time period, and they see you as a risk.

What is a FICO® credit score and what goes into it?

A credit score is a calculation that indicates how likely you are to pay back debts. The FICO® score is the most common type, and is a three digit number (between 300 and 850), where a higher score means more likely to pay back a debt. It is calculated by a math formula that takes into account the following factors:

Learn more

*FICO® is solely responsible for its credit score calculation. Information contained on the FICO® website is its own content and is not managed, sponsored or endorsed by Oportun. Oportun does not require a credit score to qualify for its products nor does Oportun rely on this score.


The information in this site, including any third-party content and opinions, is for educational purposes only and should not be relied upon as legal, tax, or financial advice or to indicate the availability or suitability of any Oportun product or service to your unique circumstances. Contact your independent financial advisor for advice on your personal situation.

Credit cards through Oportun subject to credit approval. Terms may vary and are subject to change. The Oportun® Visa® Credit Card is issued by WebBank. The Oportun Credit Card is open to all consumers, except for residents in CO, DC, IA, MD, WI, and WV. See the Oportun Cardholder Agreement or the Oportun Cash Back Cardholder Agreement for details, including applicable fees.

Personal loans through Oportun subject to credit approval. Terms may vary by applicant and state and are subject to change. If you refinance, you may pay interest over a longer period of time or at a higher rate and the overall cost of your loan may be higher. Loans in CA, ID, MO, NM and WI are originated by Oportun, Inc. California loans made pursuant to a California Financing Law license. NV loans originated by Oportun, LLC. In AL, AK, AR, AZ, DE, FL, GA, HI, IL, IN, KS, KY, LA, MI, MN, MS, MT, NC, ND, NE, NH, NJ, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA and WY loans are originated by Pathward®, N.A.. Terms, conditions, and state restrictions apply.

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