Posts: 14,062
Registered: ‎04-15-2011
Re: Do I need to get a car loan to raise my FICO score to excellent?

I really don't like the idea of having a car loan just for a score, but I do understand where you are going with this.  I've seen plenty of scores without an installment loan in the 800+ range.  An installment doesn't really give you that much boost.  You could consider getting the loan, paying it for at least 6 months, and then doing a PIF.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!