My credit score is sitting around the 720 range and I'm interested in getting it back over 750. I utilized 2 different "0% for 18 month" credit cards as short term loans in order to pay for a wedding and honeymoon.
Those debts are now completely paid and the only thing that I have recurring is a single car and a mortgage. Generally speaking, I don't carry credit card balances. But, the addition of those two cards seems to have helped some:
- My debt/available credit ratio is now phenomenal
- I now have more accounts, though am still under 6 in total across my entire history
But it seems to have hurt as well. Before these two cards, I've carried a student cc for a bit over a decade. So, my average age of accounts has dropped from 10 years to ~3 years.
I'm about to make a decent purchase ~2,000 US and have the money in savings to pay the entirety of the balance now. But, I'm wondering if it would be worthwhile for my overall credit to take out this amount in a small, personal loan instead? I don't like being under debt and would likely end up paying off the loan in 3-6 months instead of whatever the actual term is.
Is this a worthwhile thing to do in order to increase my overall credit rating?
Additional info from comments:
Do you regularly make purchases on a credit card and pay the bill in full each month?
Yes and no. When using the cards, yes. Though I play around with going cash only a-la Ramsey style to change things up. There's generally at least one bill that gets paid via CC every month, however.
Where are you reading your credit score from?
I'm looking at the score provided by creditkarma. Yes, I know this isn't the end-all-be-all score. I also reach out to the Big 3 for individual reports every 4 months (1 at a time, so 1 pull for each agency per year).
Why do you want to get your credit score back to 750?
Because I'm a numbers chaser and treat it like a game. That's the honest-to-God answer. I hit 790 at one point - but haven't said hi to that score in a good long while. I realize this might not be a great way to look at it, so I appreciate your insights regardless of this not-so-compelling reason.