Should i apply for a car loan to rebuild credit?

[Anonymous]

I'm 35 and rebuilding my credit from a bankruptcy that will be completely removed January 2015. I have 1 secured credit card that I have a low balance on under 5% and my student loan that I also pay on time, that's it for my monthly reported credit payments right now. I make $78,000 a year and I am planning on buying a car now, and buying a house the middle of next year (July-September 2015). I can buy the car cash, but should I finance the car (and pay it off in 6-7 months) to help rebuild my credit before I apply for the home loan?
Thanks!

[StartingOver10]

No, having a auto installment loan is not helpful for mortgages. You already have an installment loan with your student loan so it won't add to the mix of credit. You would be in much better shape working on your unsecured revolving credit lines.

What are your current FICO scores?

[Anonymous]

626, 597, 627 trans Union is the lowest. I'm going to look at my report to see what's dragging it down and correct it asap. My Fako was showing 664 for experian before I pulled my fico. Would a store or gas card and an unsecured credit card be a good way to help diversify my credit profile at this time?

[Anonymous]

First grats on almost getting that BK monkey off of your back!  GJ.  He is probably right about adding an autoloan will not help if you're trying to get the mortgage right away.  However I would hate to see anyone buy a car in cash & not get credit for spending all that money.  If it were me, I would finance the car and then pay it off.  It may hurt your credit in the long run b/c of HP, new inquiry, new account, etc. but I think in the long run it would help b/c it shows you were successful in manging that new account (especially after the BK) I think a good closed new account especially for such a high dollar amount as a new car, would look great.  Shows responsibility & finance stability post-BK.  But I'm not an expert & I have no experience with mortgages, etc. so that's just me. 

[Anonymous]

I would think that with just one secured credit card, thats probably where you are deficient. 2-3 revolving accounts are usually better for your score than just one secured account. You may take a temporary hit for the inquiries, and AAoA, but in the long run you'll be better off.