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Installment Loan

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mohammadmoghimi
Valued Member

Installment Loan

My question is not about student loan in particular. However, I'm a student.

 

I was looking at my discover FICO today and saw that one of the factors degrading my score is a lack of a recent installment plan. Ok. I don't need a loan. Yet I want to improve my score.

 

1. Is there a 0% interest installment plan that I can get?

2. I know that Dell, HP, Apple etc have 0% interest payment plans when you buy their products, are those considered as an installment loan?

 

Message 1 of 4
3 REPLIES 3
arthompson3529
New Contributor

Re: Installment Loan

I have Barclaycard Financing Visa with Apple. It is a regular credit that reports as a credit card. Not sure about Dell.
In the garden as of 07/15/14 - a baby seedling
Message 2 of 4
Revelate
Moderator Emeritus

Re: Installment Loan

I know of few 0% installment loans outside of consumer finance ones (buying a new bed for example), which may not be what you're looking for.  Dell financing may be an example of such, Apple isn't.

 

If we're just talking FICO purposes, my typical recommendation is to pay the 2% APR (4 year term, 3% for 5 year) at Alliant Credit Union for their $500 share secured loan... yuppie food stamp, total, over the 4 year loan /yawn.  Have to deposit the money and leave it there, but it's the most effective method for doing so that that I've found, and to my knowledge is best in class compared to everyone else currently though that sort of thing changes over time.




        
Message 3 of 4
Anonymous
Not applicable

Re: Installment Loan

Dell reports as a revolving account (cc) not as an installment loan.

Message 4 of 4
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