Best option with $500 for rebuilding

[Anonymous]

breezy is correct. A second installment loan won't do anything. I would save the $$.You have 3 cards reporting, let them grow.

[jason0618]

Ok, I'm just gonna do a share secured personal loan then and set it on auto pay. It's 3%. Can't hurt.

[jason0618]

Just saw that it won't do anything as a second installment loan. Ok, it'll stay in savings then. Although really, my USAA Amex is secured with a cd that pays 0.54% which is much better than their savings rates. Idk.

[Anonymous]

Jason - it's 3% plus interest accrued for your benefit at 1% I think and that makes it only 2% so it's only $10. There's no downside to it, it can only help you.

[Anonymous]

Idk but from my my experience it boosted me 15 points even though I had positive installment loans...

[jason0618]

Maybe this could be a test. It's only $500 and like you said, even if it doesn't help greatly, surely it won't hurt. Time to look into this a little more deeply.

[Anonymous]

I'd set it for a 1 year term. It'll end up costing you $10 but in the long run it'll be on your report for years and be a positive account which will help.

Look for one with a federal credit union. If nothing else it will give you positive history with them and may open more doors for you later on with them. Either way good luck!

[jason0618]

Too bad I burned navy federal for $5,000 in my Bk. I have a small credit union by my house, but they're a federal credit union, so that could work out. My primary every day spending and bill pay account is with Chase. Don't love them, but I like their bill pay system and they're everywhere in the country it seems like.

[Anonymous]

Hey Jason just out of curiosity, I was under the impression that you couldn't add to the secured USAA cards because they were cd's. Could you clarify that for me and tell me if I'm incorrect? I am a member with them also and didn't get my secured card with them because they terminate after 2 years which in hindsight was a mistake on my part because I don't intend to keep mine for that long.

[Anonymous]

Vet - From USAA

"You set your credit limit. When you apply, you'll also open a USAA Bank two-year variable rate certificate of deposit (CD). The amount of money you deposit — from $250 up to $5,000 — is your credit limit. You can increase your credit limit by adding money to your CD."