Regular Contributor
cowboyguy
Posts: 197
Registered: ‎07-26-2012
Question for Credit Gurus out there
[ Edited ]

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!

 

By mistake, I posted this thread twice. IS THERE ANY WAY TO DELETE A THREAD?

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...