Would an installment loan help me score mid-long term and other advice seeking.

[Anonymous]

Would it help boost my credit score if i got a fairly small installment loan $1,000-$4,000? i have no loan installments on credit report and one thing i noticed is that on my credit reports it shows as a negative that i don't have any type of installment or morgage loans. My credit scores are EQU: 676, TRANS:653, and EXP: 681.

i owe about $6,700 in collections but they're really old and not effecting my credit and will be falling off soon. 

I owe $19,000 is child support which i pay every week out mf my pay checks.

what should i do?

[Grafton88]

Welcome to the forums.

A small secured loan my be your best bet.  I don't think the size matters if it is your only loan.  I got one for $500 from my credit union.  They took $500 from my savings account and immediately put it into my checking account.  I paid it down to under 9% balance remaining.  The term was one year.  I didn't set up auto payments.  Now I pay about $5 per month.  As I pay it down, the money minus 2% interest, goes back into my savings account.

My credit reports reflect not only that I have an installment loan but that I have made substantial payments to it.  I figure I got a 20 point boost.

Some people have had luck with Alliant credit union.  They give longer terms than my CU.

The name for getting this type of loan to improve your score is called playing Reindeer Games.

You can do a search on this term and find numerous threads.