HFC loan to build credit?

[newbie19]

I heard somewhere that it's a good idea to take out a small loan (for like $1,000) from someplace like HFC and pay it back over time to help establish a good credit background. Is there any truth to this or should I just go with a credit card instead?

[WhatTheFrank.com]

Yes, if get approved. Helps your installment accounts which is a factor of your credit score. Then, open up 3 credit cards to help your revolving credit which is a factor in your credit score. If you get approved with HFC for an installment loan, be prepared to receive a phone call from HFC credit card department extending a new credit card also.