Should I take out a student loan?

[Anonymous]

Hi,

Like every other new person I've been lurking for a while and have been trying to improve my credit. I signed up for the 3 bureau monitoring and it suggested I have an installment loan. Well my financial aid for school came through and covers the tuition so I don't need to accept the loan. But I was wondering if I should just take out a 1,000 or so student loan just to add something to my report? Have you guys, who didn't need the loan but took one out, found it particularly helpful?
Also what should be the repayment length?

I have currently 2 store cards: VS and Military Star. And one regular card: Navy Federal. No other credit or loans.
Debts include paid judgment and collection due to fall off in September.
Equifax is at 695, just updated 4/15. Transunion at 602, last updated 4/11.

Thanks in advance for any help.

[Anonymous]

Are you diciplined enough to take out the loan and put the funds in a savings account and then use the same funds to pay the loan back?  If so I would say yes, if it's subsidized.  Take out a few grand, and then when you graduate make payments for a few years out of the savings account and then pay it off.  Maybe by that time you'll have another installment loan to take its place.

[Anonymous]

Thank you for the response Risingscores. On my financial aid it shows a subsizided direct loan for 3500. I am going to adjust the amount to around 1500 unless it was beneficial to have the full amount...? I have absolutely no need for any of the money so it would remain safely in my savings account.

[Anonymous]

The amount doesn't matter, you just need ot show a pattern of paying it back on time.  You could even start making payments while your still in school.