Re: Do I need to get a car loan to raise my FICO score to excellent?
01-12-2013 01:00 PM
I dont think that you can necessarily bank on improved credit mix resulting in an overall score increase. Other categories are also affected.
App for a new loan will most likely cause a hard inquiry, which for higher achievers is usually a larger ding.
Approval will result in reporting of a new account, with an initial age of zero, thus lowering your average age of accounts.
The resulting net effect is questionable.
And, of course, a new installment will result in monthly interest out of pocket.