Do any of you intentionally take out an installment loan to maximize your FICO? We recently paid off most of our remaining debt, including the only installment loan, and our score dropped by 17 points when that one updated on the credit report. Now I've pulled a score and report to keep an eye on things, and it's showing as something that's keeping our score down, that we don't have an installment loan.
I'm thinking maybe a 0% car loan would solve this, but I do not want the pricetag of a new car.
So, if you do keep an installment loan active for the benefit of FICO, what kind do you utilize?
THANKS!
MouseBandit