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Hello everyone, im new here and requesting help on improving my credit, while saving up for a down payment on a house, before i go talking to lenders. I took out a small loan ($1,205.40) from a company called tower loans a little over a month ago because i was inbetween jobs and i really needed it. right as i was completely broke i got this thing in the mail that really was pre-approved. i called them and no credit check, no income verification, (i said i was self-employed) and got the exact loan terms as they mailed out on the ad $1,205.40, to be paid back in 10 monthy installments. anyway, i thought it would help my credit to have an installment loan (so long as i pay on time) along with my credit cards, maybe it will when its all said and done but currently it doesnt seem to be helping. two of my credit cards give me credit scores (which are always quite different from each other) one is a fico 8 bankcard score, and the other is based off of experian. they both give some of the top reasons your score isnt as high as it could be and the one based off of experian, for my august update says: 2. Total amount of credit lines and loans on recently reported open accounts is too low Your report shows the total credit line/loan amounts across your open, recently reported accounts is too low. Having low credit line/loan amounts can have a negative impact on your credit score. would i be better off, when i go to talk to a mortgage lender, to still be paying on this loan, or would i be better to have it completely paid off (way ahead of time) when i go to talk about mortgages also for what its worth, i have federal student loans which i have to start paying on in mid November. these should have payments of around $100/month if i go with the regular 10 year repayment option.
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