Lack of history

[Anonymous]

Hi everyone, I'm a recent college graduate and I'm looking to get my credit in line by the time it really matters, like buying a house. I have no negative comments on the report, one credit card which i use sparingly, and a small student loan (5k). My question is: Would it be smart/good for my score to simply take out a bank loan every now and again (even though it's not needed) and simply pay it back over time to build my score/history?

[cw81]

I  wouldn't take out a loan just for the sake of  FICO scores if I were you.  You do have  an installment loan i.e  your SL so if you have paid that or you are paying it as agreed that  is good.  You already have a  credit card so  if you are  doing the same  as the  SL that is good.   I would suggest one  more  major  cc  and a store card  for now and let them age.  If you dont mind listing your scores  someone can give you an idea  what to app for. 

I hope that helps

[smallfry]

If it helps my kids had no problem getting approved for Citi and BofA cards. Capital One as well but the Cap One limit was much lower. Citi and Bofa were in the 3K range Cap One under 1K. My oldest also picked up a Household card for 1.5K. I would most definitely get another card. Forget the installments your score and history will see quicker improvement with more revolving lines.

[Anonymous]

I'm not sure what my FICO is but i know my vantagescore is 750 someone told me take the Vantage 990-myscore, multiply it by .89 and subtract that from FICOs 850. That would give me a 637 but I don't know that i want to put a lot of faith in that.

This is also a kind of newbie question but are there certain card companies that will historically help raise your score more than others?

[smallfry]

You won't know your scores unless you pull FICO. I am not sure that conversion works all that well. No card will raise your score quicker than another. 

[marty56]

You have everything you need to to build your credit.  You must wait for time to catch up and as long as you PIF and never pay late, in a few years you wil have a great credit score.

Sorry there is no conversion between any FAKO score and FICO.  If the so called formula works, its bad luck for you since the time you really need it to work it wont.  I think Vantage score is used by Kohls but thats it as far as I know.

[smallfry]

OP I would get another card to help fill out your file a bit. One card is very thin.