Would a personal loan help me in my case (keep in mind, I am already being dinged for AoAA since I opened an account last year)
Here is why I wanna do the personal loan (most likely with Penfed as a CC debt consolidation)
I have 15 cards with zero balances (75k avail total)
One card with 22k bal with 23k CL
Was thinking of moving the 22k to personal loan so my cc utilization is not affected.
Only if the personal loan APR is lower than the APR on the 22k bal card.
There is no reason to do so at this point. Your scores are fine the way they are.
Welcome to the board. Captool is absolutely right here. There is no need for you to do this right now, and so early in your credit life. You are good where you are. Very good!
This is my first time posting here. So I am 20 years old with a credit score ranging from 740-760 based on myFico, however, the "negative impact" all of the credit bureaus are giving me is the fact that I have no loans, and they suggest that I take out a loan to show that I can manage various types of credit.
Luckily, I am fortunate enough to not need loans due to family support/trust accounts, but to improve my credit score do you think it would be smart to take out a small loan (about $2,000) from The Lending Club, eventhough I don't need to purchase anything that I can't afford, and probably won't ever?
The only other negative would be AAoA, which surely will go up on its own.
Take the "negative factors" listed on your credit report with a grain of salt. There will be negative scoring factors
listed on your credit reports until you get within just a couple points of 850. As long as your score is above 740~760
there isn't anything actually "negative" about your report and you'll qualify for best terms..
The goal should always be managing your finances and spending for maximum financial benefit. Money trumps scoring
There is the simple technique of getting a shared secured loan, if you want to expend a little effort and could get a benefit
from having an active installment loan on your report. There are a couple lengthy threads here that explain how they work and
how to set one up. A properly managed shared secured loan is very cheap to open and maintain and will satisfy the FICO
gods for your installment credit points. Depends on how OCD you are about your FICO score whether a shared secured loan
is worth it to you, but don't ever take out a conventional loan just for FICO scoring when a shared secured loan will do the
same for less cost and hassle.