Does loan amount matter?

[Anonymous]

I have zero credit, can't even generate a score. I have a Ch13 showing on my report that comes of April 2016. I have 2 secured CC on the way from Cap One and BofA on the way. I called and spoke with my CU today and ask about a secured loan to help build my credit. And they said yes they could help me. And then in 6 months when I have a score I could apply for a CC with them.

So my question is does the loan amount really matter? For example, $1000 vs $2000? Or a year vs 2 years?

[Anonymous]

The amount does not matter - go as small as they will go, for as long as possible. Pay it down to 10% almost immediately, that will give you a few extra points and you won't have payments due on it until nearly the end of the loans terms.