@Cheryla93 wrote:
What is the best type of installment loan for a higher credit score? How can I get a secure personal loan without collateral? What if I have an authorized user in my credit cards with collateral with bad credit (can they still get the unsecured loans? I have two credits cards and poor credit. I need to know if I get an installment loan will it raise my credit score and by how much. I looking to buy a home within 3 to 4 months. I would like to know if there are installment loans that I can pay off within 3 to 6 months?
You state that you have poor credit [how poor?] but you plan to buy a house in 3 to 4 months? Have you mapped out a plan on how you will accomplish that goal in that timeframe? Rebuilding credit is not a "sprint" ... it is a "marathon" ... that will take a longer timeframe than you target and a whole lot of tenacious actions. Provide some more details and you are likely to trigger some useful and productive recommendations.
Getting an unsecured installment loan is unlikely to happen. Lenders are not doing as many signatire loans as they did in the "good old days". I got myself a small secured installment loan rather than beat up my credit file with inquires and turn downs. The size of the tradeline is not that important so you can start with the minimum that a local credit union or regional bank would give you. Go out and talk to a few lenders in your local area.
