Rebuilding Credit

[hondafan101]

I have a FICO score of 625. All my debts have been paid, but my currrent college loan since I am still in school. I have a CC with $500 limit that I will soon have for 6 months. I have saved up a substantial amount of cash while making payments on my college loan to possibly purchase a house. I keep my CC utilization under 20% or completely paid. My credit score or FICO has seemed to sit in the same place or moved very little over a 6 month period. I do not have any installment loans like car loans, etc.. Should I be getting an installment loan or car loan just so I can pay it off to get a better credit score? The bank said my CC would certainly help, but I would not be getting a credit increase until at least August. If all my debts are paid (besides my college loan) I am not sure what other options I have get my Credit Score up. I had a college loan before for 3 years that I paid off, but it didn't effect my score really at all after having paid it off. 

[Sobo]

I would suggest maybe a small personal loan - that's an installment loan. It seems you are doing fine, maybe just needing more time for the AAoA and more on time paymnets. What's your AAoA?

[guiness56]

Your school loans are installments and adding another won't help.

Let all but one of your CC report 0 balances and the other at 9% or under.  Never let them all report 0 as FICO doesn't typically like to see that.

Letting the CC age with on time payments for the next 6 months will help.

[Guyatthebeach]

Here's what I would if I were in your shoes:

1. Keep your CC usuage at 10% or less and PIF.

2. Work on paying down your student loans.

3. I would get a personal loan for around $1000 and pay it off within 6 months.

4. Let your accounts to age nice.

[hondafan101]

What is AAoA? 

[guiness56]

Average Age of Accounts.