So I am looking to get back on track with my credit. GW letters have gone out to Citi and Target (both had lates in 2007). I have a couple of credit cards that I have almost paid off, about $700 left. I have never had a loan report to my CR. If I were to take out a personal loan, place it into a saings account, and then pay it off using the loan itself would it help to improve my credit score? I know I would have to pay the interest out of pocket, but if it would raisfe my score significantly it may be worth it. It may be worth it even if it's just a minor bump in score if it helps get auto loans or martgages later on down the line.
Not looking to do this until my cards are paid down. Just throwing it out for some feedback.