@Anonymous wrote:
Yes the inquires are from my new car and it was in April . I have my business accounts with them as well and run 100k a month through there bank and this is extremely frustrating.
Banking relationships are way overrated. $100K monthly is nothing. Even running millions through, even when paying boatloads of fees, often doesn't seem to matter. Many small banks / credit unions often aren't all that loyal either. It's not they don't want to be, but often are constrained by various regulations, such as, fairness in lending practices along with overall bureaucracy (most employees working in a bank / cu these days are little more than drones; the "computer" dictates much of what's allowed and how tasks are to be performed). But I digress.
In my view, skip the loan. The boost isn't worth the hassles. However, if determined to open such a credit line, go with a credit union. I think it's DCU (someone correct me, if mistaken) allows one to take out a loan using their savings account, low as ~$500, as collateral. The monthly payments are tiny, and the total loan cost is nominal.
With that said, to reiterate, such a loan will have little scoring effect. The biggest boost in your score will come when the last CO falls off. You can easily get into the high 700s without an installment loan. While having a wide mix of accounts is helpful, having just credit cards and a car loan and/or mortgage is sufficient...
Finally, scores above mid 700s have little additional effect in the real world other than adding some extra buffering for inquiries, more accounts, high utilization, etc.
