Valued Contributor
Posts: 1,553
Registered: ‎11-10-2012
Would Installment Loan Help My FICO?

Hello all...I am stoked, since my Walmart TU FICO rose 68 points this month, from 708 to 776! Now, it says that my #1 factor affecting my score is lack of recent installment loan experience, such as a car loan. Do you all think I should take out a small personal loan from my bank (Chase) and would that end up raising my scores in the long run? I don't need a loan, so this would only be for FICO score purposes, so if you think it's not a good idea to just get a loan for this purpose, let me know. Thank you for your help.

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