Regular Contributor
Posts: 197
Registered: ‎07-26-2012
Should I take out a small loan to raise FICO score?

This question is for all credit gurus out there.


The title says it all. Since "type of credit" is one of the weighing factors in FICO scoring model, should I take out a small personal loan (say $1000 for 1 year) to raise my FICO score? What will be it's impact on my FICO score with the process of time?


My CU offers a 1 year secured CD for $1000 at very low interest rate.


Thanks in advance!

Walmart Discover $10,000... Chase SW $8,500... Freedom $7,000... CSP $6,000... Amex Delta $3,000... Amex BCP $2,000... Local CU $1,500...