Should I get other loans?

[Anonymous]

My credit score is affected by  "Lack of recent installment loan information". Should I delibrately get auto or mortage loans to fix this and increase my credit score?

I only have credit cards now

[Anonymous]

That depends if you want to buy a house in 2yrs from now if you don't it's not necessary. If you're shopping for a vehicle you don't need to buy another vehicle to look better you just need to prove you can pay for it, and credit card history is enough for them to determine where you fall in.

[Anonymous]

My follow-up would be go to a credit union where you borrow money from yourself and pay yourself back with minimal interest it's like a secured credit card. It scored as an installment loan

[creditguy]

You can always get a personal loan secured by your savings, that way your not borrowing anything but your own money and not buying something just to help your score.

[creditguy]

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@Anonymous wrote:
My follow-up would be go to a credit union where you borrow money from yourself and pay yourself back with minimal interest it's like a secured credit card. It scored as an installment loan

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This ^^^

[Anonymous]

This excellent post shared by @CreditguyinDixie should help in that category... http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[Anonymous]

Wooo.. I did not know I can do that. I'll look into that. Thanks. 

But i feel kinda stupid paying an interest by borrowing from myself and trying to increase by credit score from that.

Thanks for the advice anyways, I'll look into it.

[Anonymous]

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@Anonymous wrote:

Wooo.. I did not know I can do that. I'll look into that. Thanks. 

But i feel kinda stupid paying an interest by borrowing from myself and trying to increase by credit score from that.

Thanks for the advice anyways, I'll look into it.

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Sometimes you have to pay to play if you know what I mean...

[creditguy]

At least at a credit union your not paying too much in intrest and if you keep the loan small the intrest is really a moot point. The increase in your scores would far outweigh any intrest you pay.

[Anonymous]

yup you totally should buy a house to increase your credit score