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I have been reading and listening to podcasts on repairing credit. I heard a suggestion to get a low amount payday loan from Dollar Loan. (e.g $300 bucks) Then pay it off in the next three months. Of course, you will be paying an extra 20 a month in fees but it will boost your credit score. Dollar Loan is connect to a major back and it’s considered a revolving loan. This will bulk up your credit report and help your score.
I did some research and I’m finding conflicting information. Has anyone else heard this or have any thoughts. Would love some suggestions.
I think you would be better off getting with a credit union and doing a secured loan than getting involved in any payday loan type of establishment.
My personal feeling is that payday loans are never a good idea. If all you want is bulking up, go do the sct and get a couple of store cards if you don't have the money to secure a loan.
Thank you for the advice!!!
Payday loans are evil. Do not use them.
Get a store card or go to a credit union with which you have a relationship. If you can't do either of those, get an OpenSky Visa.
If you don't have the money to do a secured CC or the assets to secure a personal loan, save up the money to do so no matter how long it takes.
A payday loan will get you into a terrible, vicious cycle that's difficult to get back out of. DO NOT USE THEM.
FOR SERIOUS.
Scores | 2013-09-21 | Current |
Equifax | 630 (LP) | 755 (CK)/749 (Quizzle) |
Experian | 640 (FCR) | FICO 707 (Amex) |
TransUnion | 588 (CK) | FICO 754 (Barclaycard) |
Best suggestion I have read about installment loans to boost scores:
Join the State Department Federal Credit Union - SDFCU - and make a 500 secured loan with them. Check the 'who can join' link. I was able to join in less than 15 minutes and made a share deposit of 20 bucks.
Deposit 500 with them to use as collateral and borrow 500 for 36 months and the interest will be 3.9 I think. The payments will be 14 and change per month. You can use the 500 borrowed to fund an account to do auto pay. This would give you 3 years of positive reporting and when paid off, get the 500 back. So, 3 years of reporting, close it, and get another 10 years reporting from a positive TL.
I joined and have a 20 shared account with no HP. I am heading there to get the secured loan as soon as I can get the funds back from a secured card I have with another company.
HTH
@Anonymous wrote:Best suggestion I have read about installment loans to boost scores:
Join the State Department Federal Credit Union - SDFCU - and make a 500 secured loan with them. Check the 'who can join' link. I was able to join in less than 15 minutes and made a share deposit of 20 bucks.
Deposit 500 with them to use as collateral and borrow 500 for 36 months and the interest will be 3.9 I think. The payments will be 14 and change per month. You can use the 500 borrowed to fund an account to do auto pay. This would give you 3 years of positive reporting and when paid off, get the 500 back. So, 3 years of reporting, close it, and get another 10 years reporting from a positive TL.
I joined and have a 20 shared account with no HP. I am heading there to get the secured loan as soon as I can get the funds back from a secured card I have with another company.
HTH
Actually, you don't even have to that - when I joined they 'gave' me a buck to open my account.
Thank you so much for the advice!