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LaconicAmb3r

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I only have 3 accounts for credit in total - would it help to add a personal loan?
I have 2 credit cards (lower limits with about 50% utilization) and 1 auto-loan. I've had poor payment history in the past, but have been trying to work on it the past 6 months. I also just paid off something in collections that has been there from a little over a year ago. I've brought up my Transunion score, but besides the 'payment history' being bad, the other thing keeping me down is age of credit and the number of accounts. Would it help to open a personal loan (I'm looking to raise my credit to buy a timeshare)? If so, assuming my Transunion score is low 700 and same with vantage. Without knowing my full FICO score, do you think I could even get approved?

Thanks much for your help guys - I'm really trying to raise my credit and being able to own that timeshare.

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Timeshares are a total ripoff and I think you'll truly regret that purchase.  I've got several clients that wished they never listened to the BS that the sales folks pitched, 'cause now they're stuck with outrageous payments and extra fees they never knew about when they purchased.  They were told it would be a great investment but it turns out to be an incredible burden.  Don't do it.

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Timeshare gurus operate on a much different and extreme level of financing. Their sales associates go through a high level of training to get you hooked and sold on purchasing a unit. Honestly I think you are moving too fast with purchasing. Establish a monthly budget, make sure you don't have any more bills out there that can get placed in collections. Talk to your creditor with the car loan. Tell them that you've been working to improve your credit and as a sign of good faith will they be willing to remove a few late payments form you credit history. If you've improving, they should have no problem with taking you up on this offer. You want to build good credit with good sound habbits, not hastily obtaining new loans that you are not sure if you can really afford.... Good luck my friend...

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