An installement loan is always a good thing unless it messes up your debt to income ratio. Most that use these loans to bump their scores pay back 90% or so of it in the second payment so they get the maximum bump, an installment loan that is far under its max. The postive installement history will help with car loans for sure, not sure just one month is going to be all it takes though because everything in FICO scoring values time.
I figured as much. I don't own a car and don't want a car ever again in my life (Uber/Lyft is WAY cheaper than car ownership where I live, WAY WAY WAY cheaper) but I have a friend who is rehabbing their credit who is currently paying a ridiculous 20.4% interest rate on their hunk of junk and I'd like to see them able to get a better car at a lower rate in the next 3-6 months.
