Installment Loan to maximize FICO Score

[mousebandit]

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

[SimpleCycle]

Maximizing FICO score is only useful to the point that it gets you better pricing on credit.  For most applications, namely mortgages, that is above 740.  Higher than that there's little point in maximizing, and I certainly wouldn't take out credit specifically for that purpose.

[Bliss]

I haven't had a mortgage, car loan or student loan for more than 10 years and my FICO score is 800+. Take a look at how FICO scores are calculated to get a better understanding of how to improve without taking out loans you don't need. On-time credit card payments and low credit utilization over the long term is what improved my score.

[mousebandit]

Copy that guys.  Thanks, I'll read up more on how they generate the scores.  We will be doing some real estate investing, so mortgages will be in our future, and FICO will be important for us.  But it's a relief to know that the 800 range can be had without a stupid installment loan, LOL! 

THANKS!

[Laserjet3051]

I just took out a 2% car loan and much to my surprise, my credit score abruptly jumped a whopping 50 points on both TransUnion and Equifax. For TAKIING ON more debt? Never had such a big abrupt jump before.