topic Re: installment loan? in Understanding FICO® Scoring

installment loan?

coroc — Thu, 10 Jan 2013 09:04:28 GMT

Not really a credit card question. But looking for advice on getting a installment loan. Is it worth my time?(just using it to build my credit file) And if so where's a good place to get it from? Plz help

Re: installment loan?

creditnocash — Thu, 10 Jan 2013 13:06:58 GMT

do you have any credit right now?

if your only looking for an installment loan, your best bet would be to find a cd secured loan.

which usually you take 1k of your money to secure 1k they give you.

Depending on the interest rate it should be about 20-25 dollars that it would cost you too build that credit for the year.

find a bank that reports to all 3 credit bureaus.

and since it would be in good standing after its paid off and closed it will report for the next 10 years after that

Re: installment loan?

Revelate — Thu, 10 Jan 2013 20:17:56 GMT

+1 to what CnC posted.

Most CU's and also some other institutions (USAA / Wells Fargo) will offer this service and I highly recommend it. CU loan limits are around 1K typically though I believe there was a $500 one floating around, USAA is 2.5K and Wells is 3K last I checked.

Personally I went with USAA's as it was directly tied to a CD and I could specify the term on it, I wanted longer than a year that some of the other secured loans do. It was a straight benefit to my credit report, but I only had one other installment loan ever on my report, if you have a thicker file with regards to installment loans, it likely won't be as beneficial.

Also, moving this post :).