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My installment loan with my CU has posted to my credit report. I've lost a couple of points but I expected a drop. However, it's reporting as Loan Type Secured. How does this help me? I thought I needed a installment loan to help my credit score long term but how does a secured loan help me? Very upset, should I be?
The installment loan is there to help with your credit mix (15% of FICO score). Most installment loans are secured -- like car loans. FICO doesn't care whether it's secured or not as long as you have an installment loan reporting, and on manual review most underwriters would expect an installment loan to be secured. You're doing great.
You're welcome! And I was wrong about the FICO %. It is 10%. 15% is length of credit history. I always mix these two up. Now you can exhale!
People always freak out when they see "secured" ... you're not alone. Seen it a bunch of times, lol.
Anytime collateral is involved it is "secured"... whether it be a house, a car, or that $500 you paid and got back to get an "installment" loan on your Credit.
Don't worry about the temporary point loss, it will bounce back very nicely.
I'm about to pull the trigger on 2 of Alliant's $500 "loans" myself.