Lack of Installment Loan???

[Anonymous]

I have some student loans that are reporting on my credit report but for some of my credit denials one of the reasons I see for denial is lack of installment loan...I was able to take out a personal loan for $2300.  When this reports will this help my credit score just from reporting?  Also, should I make a large payment up front on this loan so that it shows a lower balance and then make my small monthy payments?

[Scupra]

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@Anonymous wrote:

I have some student loans that are reporting on my credit report but for some of my credit denials one of the reasons I see for denial is lack of installment loan...I was able to take out a personal loan for $2300.  When this reports will this help my credit score just from reporting?  Also, should I make a large payment up front on this loan so that it shows a lower balance and then make my small monthy payments?

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It's hard to say if you will get an increase or not. Some do, some dont..just a YMMV thing. The large payment up front won't hurt anything, that's for sure Just make sure you get some payment history out of it. 

[MarineVietVet]

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@Anonymous wrote:

I have some student loans that are reporting on my credit report but for some of my credit denials one of the reasons I see for denial is lack of installment loan...I was able to take out a personal loan for $2300.  When this reports will this help my credit score just from reporting?  Also, should I make a large payment up front on this loan so that it shows a lower balance and then make my small monthy payments?

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I don't undrstand that.

Student Loans are considered installment loans; at least in my experience.

[gdale6]

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@Anonymous wrote:

I have some student loans that are reporting on my credit report but for some of my credit denials one of the reasons I see for denial is lack of installment loan...I was able to take out a personal loan for $2300.  When this reports will this help my credit score just from reporting?  Also, should I make a large payment up front on this loan so that it shows a lower balance and then make my small monthy payments?

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Open student loans are installment loans, if they are closed then its as if you have none. If you took out the loan I would not be prepaying it like you suggest it would defeat the purpose of the loan. When it initially reports you are liable to get a Fico score decrease for the new loan, those points will be recovered in about 6 months. The real benes of the installment loan dont occur until you are into your last year and when it finally is paid off you are liable to lose 20-30 points in fico 8.

[Anonymous]

I've gotten denied for a couple of credit cards and it says one of the reasons for denial is lack of recent installment loan information. But I have a student loan I pay on every month.

[Anonymous]

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@Anonymous wrote:
I've gotten denied for a couple of credit cards and it says one of the reasons for denial is lack of recent installment loan information. But I have a student loan I pay on every month.

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Is the student loan reporting to all three credit bureaus? Maybe it is possible that it is not and the card issuer pulled the score at the bureau it is not reporting at.