To have the best credit scores, you should have a healthy mix of credit. This means that you should have a variety of accounts and use a variety of credit types: revolving credit, installment credit, and real estate credit. While the specifics are a mystery, some experts recommend having two to six revolving credit accounts, and two or three installment loans.

This may make you wonder whether or not you should pay off mortgage and auto loans. If you pay these loans off and they eventually disappear from your credit reports, you may lower your credit scores. What you actually do is up to you — you may philosophically believe that you should pay off your mortgage if you have the means to do so. According to the creditreporting companies, paying off your mortgage will not hurt your credit, but it generally helps to have a mortgage.