Valued Contributor
my-own-fico
Posts: 1,312
Registered: ‎01-05-2010
Re: Should I take out a small loan to raise FICO score?

The installment loan will increase your score by a mere couple of points and will only help you if you are past the first year of the inquiry, if you are past the first year of new credit, and if the remaining balance is a fraction of the original principal. A nice bonus is the mixture will keep helping you even after the account has been paid and closed.

 

Are you living within your means?