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I just got my FICO score from my bank (Citibank) and there were two items listed. One made sense to me, but this one didn't:

"Lack of recent installment loan information
FICO® Scores consider recent non-mortgage installment loans (such as auto or student loans) information on a person’s credit report. Your score was impacted because your credit report shows no recent non-mortgage installment loans or insufficient recent information about your loans."

I have no installment loans. My car payment ended about 13 years ago. It seems strange that having successfully paid off an installment loan eventually hurts your credit score, because then you don't have the loan for them to see your progress or payment history on.

Any thoughts on how to deal with this? I certainly don't want to sign up for some superfluous loan, just to pay interest on it and then gradually pay it off. That seems silly.


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