What's the best way to have a great credit score? Borrow money and pay it back.
If you've got that part down but your scores are not as high as you'd like, you might look at the types of loans on your credit report. Credit scores tend to reward you for using a variety of loan types (as opposed to 100% of your borrowing on credit cards, for example).
Liz Weston explains that adding an installment loan may help boost a reader's credit -- even if there are negative items in a credit report. It may be that lenders want you to choose loans wisely (and get approved by a variety of lenders) instead of always using the first type of loan that you ever qualified for.
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