@OmarGB9 wrote:
Well it only helps (scoring wise) if you DON'T already have some sort of installment loan on your CRs. But being that you have a student loan and an auto loan already, then a personal loan in your case wouldn't help as far as improving your scores. Now, it may help a far as consolidating debt if you have large balances across multiple cards with high interest, but that's a different story.
This is your answer +1. You don't need any more loans if you don't "need" a personal loan.
I fall into the catagory of someone who, although I have had loans, my mortgage and car loans have been paid off so long that they have fallen off my reports. I made the decision not to run out and get a personal loan as is often recommended becasue I am planning on having a new mortgage this year and possibly a car loan. Even without all those things, my clean report with only CC tradelines range between 788 and 792 Fico. My scores with one judgement and still no loans are listed below.
Edited because I noticed you were questioning why loans are needed for rebuilding purposes not so much for yourself. I think it has to do with account mix and getting every last point available, but from what I can see from my own situation you can get a pretty good score without a loan so I'm holding off until I actually need it.
