Credit scoring models may consider experience with revolving and installment accounts. That does not make unnecessary interest a smart purchase.
Payment history carries weight
Consistent on-time payments and manageable balances are more fundamental than collecting account types.
A score serves a financial life
Opening a loan solely to influence a score can create fees, hard inquiries, and monthly obligations.
Models differ
The score shown by a free service may not be the exact model a future lender uses. Focus on accurate reports and healthy habits.
Sources
- Consumer Financial Protection Bureau, What Is a Credit Score?