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Installment loan for credit mix?

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Installment loan for credit mix?

I'm well on my way in my rebuild after BK, raising my score from the 400s to the low 600s now. I am PFD two of my collections (PRA and JCS... just paid the final on JCS) I have 3 unsecured CCs, and the only two baddies left are medical. 
Yesterday I paid off a high-interest installment loan at a local agency that reports to EQ... they helped raise my score by 50 points!
However, it is my understanding that I NEED an open installment loan in GS "for the mix." I don't want another 250% interest loan, though. 
I also don't want to borrow the minimum of $3100 at 35% with OneMain (where I'm pre-approved.)
I've been denied by Rise AND Avant already, via LendingClub.
Is Self-Lender my best option? Any other suggestions?

P.S. I have a co-borrower with a solid 620 FICO8 and an income almost twice mine.

Message 1 of 3
Valued Contributor

Re: Installment loan for credit mix?

Self-lender is a great option because it satisfies the diversity checkbox for your report, and kind of functions as a savings account, in that you’re reverse-funding your own loan, which will send you a check when it’s paid off.

If your only remaining baddies are medicals, you might research the HIPAA process - we can’t discuss it here other than a mention of it, but you can google it to find out your options in that regard.

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Message 2 of 3
Frequent Contributor

Re: Installment loan for credit mix?

Contrats on your 200 credit score increase.I don't think your score increased 50 points from an installment loan.At best it's probably worth about 20-30 points when the balance is paid down to 1-6%.You improved your Fico score greatly, because your credit score was in the 400's.The lower the credit score the more and quicker it can improve.Your credit score will continue to improve and you will get most of your credit score points by making monthly on time payments to the cc's,keeping cc utilization between 1-6%,having and keeping an open old credit account and by not opening any more credit account.Every time you open a credit account it lowers your aaoa and a new hard inquiry.You can have a higher credit score by following these steps.GOOD LUCK... 

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