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A lot of people are able to get a secured loan thru a credit union using a paid off auto as collateral.
Just don't spend the money....
I like to see 12 months.... but the FICO warriors here may be better at telling you how to structure
i wasnt talking about an auto loan. just a 12 month installment loan with something to collateralize the deal. lots of people use a paid off auto, but maybe you can think of something else for collateral.
stay away from finance companies.
The mortgage officer won't necessarily care. I think the point being made about collateral is that you said you're building your credit, and it's easier to get a secured loan than an unsecured loan.
Here's what I've learned about the impact of installment loans since I joined these forums (fora?). I'm sure the experts can weigh in as well - and you may want to post this in General Credit Issues or Building Credit.
Not being a LO, I can't speak to what would make them most comfortable, other than saying a small payment like $50 likely won't make them nervous that you might default on it or your mortgage, and won't ding your DTI much if at all.
From a strictly credit-building & score-building perspective, that loan would improve your credit mix, and that, combined with the account history and on-time payments, will reflect positively on your score.