Scoring models give you points for various things that the score developers see as signs of responsible credit management. One of the items on the list: You carry a mix of different types of credit.

Having a mix of credit means you have revolving credit such as credit cards, and installment credit such as a home, car or furniture loan, and are handling both types well.

As you get older and pay off loans, it's possible that you will find yourself with just revolving credit.

While that might be an issue for a younger consumer, it's not a big deal for an older one, says Paperno. "It's a very minor issue, especially for people in this stage of life," he says. "They do not need to worry about that."