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HI MY CREDIT SCORE IS ONLY 652` AN EVERYTHING ON MY CREDIT REPORTY IS PAID OFF AN YHE ONLY REPORTING ON MY CREDIT REPORT IS A CREDIT CARD WITH A 1000 DOLLAR LIMIT .. BUT THE QUESTION IS WOULD IT BE WISE TO TRY TO GET A 2000 LOAN FROM MY BANK TO HAVE SOME MORE REPORTING ON MY CREDIT REPORT TO ESTABLISH MORE HISTORY THANKS IN ANVANCE ......
typically, installment accts are not that heavily weighed, but in your case you have none so yes you would benefit from opening that account to increase your 'mix' of credit. keep in mind the initial benefits may or may not be positive. if your file is thin, then a new acct will spank your AAoA (avg age of accts), possibly dropping score. also, the bank will hit you with a hard inquiry (pull your report), that may lower score a few points.
long story short...yes, get the loan. will be necessary for your future credit 'big picture', but too many factors involved in the fico model to guess an initial net gain/loss of score.
by the way, heres some basic info for understanding credit scoring:
Understand what affects your credit. The exact calculation of the FICO score is kept secret as proprietary information, but there are some general guidelines we can apply.
Evaluate your score. The point system used technically ranges from 0 - 999, but all or nearly all actual scores fall between 330 and 850.
THANKS FOR REPLYING AN GOD BLESS ,,,
you too man. welcome, and good luck.
When you say paid off, would this be referring to any collection accounts and charge offs?