Credit Builder Loan Question

[JersGirl]

In October I purchased 3B credit monitoring; when looking at my credit report noticed that the credit builder loan, I had taken out in April of 2015 was not being reported to all three credit bureaus.  Also, since I started monitoring my credit I haven’t received any notifications or increase in score from this loan, and fifty percent of it is paid. Should I contact the credit union, where I received the loan? Also, is it faster to boost your credit score with an installment line of credit or revolving credit?

[Anonymous]

Do you currently have any other active installment loans - student loans, auto loans or personal loans?

Revolving accounts are far more effective at driving your scores up.

[JersGirl]

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@Anonymous wrote:
Do you currently have any other active installment loans - student loans, auto loans or personal loans?

Revolving accounts are far more effective at driving your scores up.

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I have a student loan that is paid on time..never late. No car loan or personal loan. I have two CC from Capitol One. Nervous about getting a third, becuase I would like to purchase a home within the next three months.

[gdale6]

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@JersGirl wrote:

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@Anonymous wrote:
Do you currently have any other active installment loans - student loans, auto loans or personal loans?

Revolving accounts are far more effective at driving your scores up.

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I have a student loan that is paid on time..never late. No car loan or personal loan. I have two CC from Capitol One. Nervous about getting a third, becuase I would like to purchase a home within the next three months.

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Well you actually need 3 revolvers to drive your Fico but at this time I would make no credit moves if you are going to be doing a mortgage app in 3 months, you dont want any new accounts within 6 months of the pull. If you have a SL you really dont need the rebuilder loan but whats done is done. I would call and ask if they report to all 3 some dont.

[JersGirl]

okay. will do. Thank you.

[Anonymous]

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@JersGirl wrote:

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@Anonymous wrote:
Do you currently have any other active installment loans - student loans, auto loans or personal loans?

Revolving accounts are far more effective at driving your scores up.

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I have a student loan that is paid on time..never late. No car loan or personal loan. I have two CC from Capitol One. Nervous about getting a third, becuase I would like to purchase a home within the next three months.

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The SL is all you need as far as installment credit. Pay off the rebuilder loan as soon as possible to improve your DTI for the mortgage app.

[JersGirl]

my debt to income ratio is currently at 8 percent(used a dti calulator on zillow). The builder loan will be paid off in january. My score is just not boosting up high enough.

[Anonymous]

Hard to help chart a course, without being able to see the entire picture.

[Anonymous]

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@JersGirl wrote:

In October I purchased 3B credit monitoring; when looking at my credit report noticed that the credit builder loan, I had taken out in April of 2015 was not being reported to all three credit bureaus.  Also, since I started monitoring my credit I haven’t received any notifications or increase in score from this loan, and fifty percent of it is paid. Should I contact the credit union, where I received the loan? Also, is it faster to boost your credit score with an installment line of credit or revolving credit?

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Paying down revolving debt is the fastest way to build your credit and having 3 open CC's seems to be optimal for most people. Keeping 2 of those 3 cards at a 0 balance with the 3rd card at less than 10% util is what many consider to garner the best results.

[JersGirl]

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@Anonymous wrote:

Hard to help chart a course, without being able to see the entire picture.

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Credit Card 1#   40 balance....1500 limit....22.9 interest rate

Credit Card 2#    50  balance.....600 limit 19.9 interest rate

CB Loan              815  balance  was 2,000....17% interest

Collections 1#     2500 balance...settled for 1300

Collections 2#     500   balance...paid in full

worried about getting that third cc.