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installment loan

Regular Contributor

installment loan

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?

Wallet: AMEX Blue Cash Preferred 5k; BofA Visa CashRewards 5k; BofA 1-2-3 MasterCard 4.4k; Citi TY Premier 2.5k; AMEX HHonors 3.5k, Chase Marriott 5k, Barclays US Airways 2.5k, Kohl's 300
Message 1 of 19
18 REPLIES
Valued Contributor

Re: installment loan

for what?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 2 of 19
Established Contributor

Re: installment loan

Have you looked into a credit union? 

Starting Score: 10/1/2011 EQ 568 TU 593
Current Score: EQ 664 TU 700 EX 701 (FAKO)

Message 3 of 19
Super Contributor

Re: installment loan


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.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 19
Regular Contributor

Re: installment loan

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?

Wallet: AMEX Blue Cash Preferred 5k; BofA Visa CashRewards 5k; BofA 1-2-3 MasterCard 4.4k; Citi TY Premier 2.5k; AMEX HHonors 3.5k, Chase Marriott 5k, Barclays US Airways 2.5k, Kohl's 300
Message 5 of 19
Super Contributor

Re: installment loan

 

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

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 19
Valued Contributor

Re: installment loan


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.
5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 7 of 19
Regular Contributor

Re: installment loan


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

Wallet: AMEX Blue Cash Preferred 5k; BofA Visa CashRewards 5k; BofA 1-2-3 MasterCard 4.4k; Citi TY Premier 2.5k; AMEX HHonors 3.5k, Chase Marriott 5k, Barclays US Airways 2.5k, Kohl's 300
Message 8 of 19
Regular Contributor

Re: installment loan


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?

Wallet: AMEX Blue Cash Preferred 5k; BofA Visa CashRewards 5k; BofA 1-2-3 MasterCard 4.4k; Citi TY Premier 2.5k; AMEX HHonors 3.5k, Chase Marriott 5k, Barclays US Airways 2.5k, Kohl's 300
Message 9 of 19
Super Contributor

Re: installment loan


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.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 10 of 19