Loan from Credit Union

[Whitneyy]

I brought a 2013 car last year October and since I am in quest to build my credit by adding positive tradelines, I've thought about getting a personal loan through the credit union that finances my car. I pay biweekly (by choice) and I have never been late, and I always pay way ahead of time, I think I am already in April payments!

But how long do you think I should wait before asking them for a secured loan? I only want 1,500 that I quickly want to pay back, I just would like the positive tradeline.

What do you recommend? Is it too early?

[gdale6]

---

@Whitneyy wrote:

I brought a 2013 car last year October and since I am in quest to build my credit by adding positive tradelines, I've thought about getting a personal loan through the credit union that finances my car. I pay biweekly (by choice) and I have never been late, and I always pay way ahead of time, I think I am already in April payments!

But how long do you think I should wait before asking them for a secured loan? I only want 1,500 that I quickly want to pay back, I just would like the positive tradeline.

What do you recommend? Is it too early?

---

I would not ask they for a secured loan but a credit card after 6 months of history, installment loans do not have the punch for credit score that revolving cards do, the car loan will be just fine in the installment area.

[ori68]

Secured loans don’t usually require a credit pull. I don’t believe the amount matters, just your payment history (make sure you pay on time). If you want a secured loan, you wont really be wasting much money since the interest is usually really low (less then 5%). I would not get it for $1500, if anything get it for $500, again the amount doesn’t matter, but why lose access to all that money. Get a 6 month $500 secured loan, don’t pay it off early. After the 6 month, apply for a credit card.

[Whitneyy]

---

@ori68 wrote:

Secured loans don’t usually require a credit pull. I don’t believe the amount matters, just your payment history (make sure you pay on time). If you want a secured loan, you wont really be wasting much money since the interest is usually really low (less then 5%). I would not get it for $1500, if anything get it for $500, again the amount doesn’t matter, but why lose access to all that money. Get a 6 month $500 secured loan, don’t pay it off early. After the 6 month, apply for a credit card.

---

Sounds good, I'll but if it doesn't help my credit I'd rather do the secured credit card.

[TRC2k13]

When my 13 was discharged in May the first thing I did was ask my CU for a CC.  They said "All we can offer is a secured card.  Apply with Cap One and then come back in 6 months and we'll match it."

Well they did more than match it... they gave me a $7k card.

No reason for me to apply for an installment loan.

[Whitneyy]

I don't have any secured credit cards.

Do you think if someone put me as an AU on theirs it'll be the same?