General Credit Topics

[BCF]

I plan to get an installment loan just for sake of my credit score. Is there any lender who report to all CRAs and have low APR? Also since I don't need money, what is the smallest amount of loan I can get?

[rootpooty]

for what?

[thankfulheart]

Have you looked into a credit union? 

[pizzadude]

---

BCF wrote:

I plan to get an installment loan just for sake of my credit score. Is there any lender who report to all CRAs and have low APR? Also since I don't need money, what is the smallest amount of loan I can get?

---

I'm not a big fan of taking out a loan just to add to your credit mix, it may not result in much of a FICO point gain.   However if you are set on doing this I would start with a local CU as others have recommended.

[BCF]

So you mean I just go to a local CU and tell them I want a loan to increase my CS? Or ask for a specific type of loan?

[pizzadude]

Can you share some additional information about your credit profile ?   Any negatives or derogatory accounts ?    What is your average age of accounts ( AAoA ) ?

[Repo-ed]

---

I went to a local CU JUST to take out 2 installment loans, to add to my credit mix.

1 was a 1k loan over 12 months. The loan was placed into the savings account, and the montly pmt is auto-drafted right from the money the loaned me.

The other was a motorcycle loan for 24 months, also auto drafted from savings, as I have my p/t check direct deposited to my savings account, to satisfy that loan.

The interest amount, at least to me, are minimal in the overall grand scheme.  I get a FICO bump, and grow an even more solid relationship with my CU, so when the time comes for another loan, they'll not hestitate to help me out.

[BCF]

---

pizzadude wrote:

Can you share some additional information about your credit profile ?   Any negatives or derogatory accounts ?    What is your average age of accounts ( AAoA ) ?

---

no negative. oldest account 20 month. AAoA 14 month. FICOs are between 740 and 750

[BCF]

---

Repo-ed wrote:

---

I went to a local CU JUST to take out 2 installment loans, to add to my credit mix.

1 was a 1k loan over 12 months. The loan was placed into the savings account, and the montly pmt is auto-drafted right from the money the loaned me.

The other was a motorcycle loan for 24 months, also auto drafted from savings, as I have my p/t check direct deposited to my savings account, to satisfy that loan.

The interest amount, at least to me, are minimal in the overall grand scheme.  I get a FICO bump, and grow an even more solid relationship with my CU, so when the time comes for another loan, they'll not hestitate to help me out.

---

Can I ask the type and interest rate of that 1k loan?

[pizzadude]

---

BCF wrote:

---

pizzadude wrote:

Can you share some additional information about your credit profile ?   Any negatives or derogatory accounts ?    What is your average age of accounts ( AAoA ) ?

---

no negative. oldest account 20 month. AAoA 14 month. FICOs are between 740 and 750

---

Looks like you are in great shape with your FICO® scores, honestly I don't think that you need to do anything right now other than let your accounts age with positive payment history.