Do we need new credit on our CR?

[Anonymous]

Hey guys,

I have been reading a lot about CD personal loans.  I'm thinking about having my DH open a CD secured personal loan through USAA.   I've heard that this is a good tactic to help your credit.  I know that some then take it further and use the money received from the loan to get a secured CC and thus get two new TL for one deposit.

I just don't know if it would benefit us.

As you already know, I'm working on cleaning our CR.  I'm really focusing on my DH's because most of everything we need goes under his credit.  He has several old CC charge offs, 1 medical collection, and 2 large installment loans that were charged off in 2006.

Our home went into a short sale in late 2009.  The only current/open TL that he has is our auto loan through Santander which has 0 late payments.  We got that in March 2010.  Almost forgot.....we both have a secured Capital One CC coming in the mail with a limit of $200.

So, as you can see we really don't have that many TLs.  We hope to have a mortgage as soon as we repair our credit.

Would a personal loan help? 

[Lois5669]

I think it helps to have a couple of new, current revolving accounts. Everything I've read has seemed to say that, I think. When I opened my 2 secured cards, I got a tiny points boost (reason stated was new accounts).

[arredondo3417]

You sure need different type of credit To make you credit go up. The capital one secured card will help you out I'm sure within a few months. With. Payments on time you should be in a good way. To rebuild you credit