Bank Cards
The single best reference on a credit report is usually a bank card (Visa, Mastercard, or Discover) paid on time over a period of time. If you do not have a positive bank card reference on you credit report, it is important to get one. If you do have one, make sure you pay on time.
Department Store Cards
These cards are extremely easy to get, other lender do not count them as heavily as bank cards. In addition, department store cards have low credit limits and can be used only in one or several stores.
Mortgage Loans
In the past, mortgages usually have not appeared on credit reports. Although more lenders are reporting mortgages to credit bureaus, they still count very little as credit references. Because mortgages are the one bill that most people pay first.
Automotive Loans
Car Loans are not usually much help as a credit reference unless you are purchasing a car.
Stability
Stability is important to lenders. Studies have shown that people who move frequently are more likely to declare bankruptcy than those who do not. Home ownership is a sign of stability; staying in the same home for several years and especially maintaining the same job.
Checking Accounts
Checking accounts show that you are established and have a method of paying your bills beyond money orders. They also provide tracking information on you.
