Should I take out a personal loan?

[WallyxD]

I was just thinking, would it be worth it to take out a small loan, just so that I have something else reporting on my file? Like, I now have three CCs reporting, and I have student loans in deferment, but would adding a regular personal loan help me at all to improve/"thicken" my file? I was thinking, maybe a $500 loan with a term 12 months (if such a loan with that term even exists.)?

[jsucool76]

A personal loan would drop your aaoa and add an inquiry the three cards you have should be more than sufficient for now provided you let them age and sit in the garden a bit.

[llecs]

I wouldn't do it. It won't help your mix because you already have a loan via the SLs. It would increase your DTI which could impact you on future apps. Plus the new credit would ding your FICO. Even if you didn't have any opened or closed loans reporting, I'd argue it wouldn't help. Many in here hit 800+ without any loans.

[boomhower]

Three CC's and the SL's are fine, another installment isn't going to help.  That is plenty to achieve a top score.  Best way to increase your score is to let those age and keep UT down. 

[WallyxD]

Thanks for the responses guys. I figured that having a loan that's active where payments are like active, showing up on my report would look better to lenders. Thus helping my report/history look 'juicy' LOL

[bettercreditguy1]

I don't want to echo. However, letting what you have age is your best choice. Do not apply for any new loans;cc cards, etc for a while. With all of your recent activity, should you really need credit, you would get higher rates and less favorable terms. Again, another personal loan will not raise your score or help your position.

[blitz]

Also, it depends on your lending institution. The two banks I belong to do personal loans at a minimum $5000 for at least 1 year.