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Rebuilding Bank Loan Possible?

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Anonymous
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Rebuilding Bank Loan Possible?

I read in credit card forum that it is possible to get a $500 bank loan with a low credit score (mine is around 630 Fako score) that only requires around a $14 per month payment and they recommended I look in this forum but I could not find the info.

 

Could anyone point me in the right direction, I really need an installment loan to show on my credit report as I know its better to show different types of credit on your report and I have no interst in getting a car loan or house loan any time soon, so this seems to be my only option to create an installment loan.

 

I currently have a Capital One Secured ($200) with 5 monthly payments reporting and just got a Capital One Quicksilver ($500) not yet reporting.

 

Also looking to apply for the Walmart Card as well, but I know it looks better if you have an installment loan reporting as well.

I would like to just have the installment loan from the bank report for like 3 months and then pay it off or get a second one with the money from the first one and pay off one after 3 months so I have one paid in full and another that I am up to date with but continusling to make payments.  Maybe even pay an extra month ahead of schedule.

 

Let me know what you guys think.  TIA

Message 1 of 4
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Anonymous
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Re: Rebuilding Bank Loan Possible?


@Anonymous wrote:

I read in credit card forum that it is possible to get a $500 bank loan with a low credit score (mine is around 630 Fako score) that only requires around a $14 per month payment <<no not at all and good advice here>> they recommended I look in this forum but I could not find the info.

 

Could anyone point me in the right direction, I really need an installment loan to show on my credit report as I know its better to show different types of credit on your report <<interest rates are high, but you may want to try a finance company for the smallest loan they will write, just don't expect $14 payments or anything close to it and I have no interst in getting a car loan or house loan any time soon, so this seems to be my only option to create an installment loan.

 

I currently have a Capital One Secured ($200) with 5 monthly payments reporting and just got a Capital One Quicksilver ($500) not yet reporting.

 

Also looking to apply for the Walmart Card <<instead of this, try to get another bank card even if it has to be secured as well, but I know it looks better if you have an installment loan reporting as well.

I would like to just have the installment loan from the bank report for like 3 months and then pay it off or get a second one with the money from the first one and pay off one after 3 months so I have one paid in full and another that I am up to date with but continusling to make payments.  Maybe even pay an extra month ahead of schedule. << It may be better to get a loan and pay as many payments as you can in advance without paying off the loan, it will cost you more money this way by prolonging the interest, but it will be better for your credit. Paying loans down=good for credit   Paying loans completely off=bad for credit, at least in the short term

 

Let me know what you guys think.  TIA


 

Message 2 of 4
Anonymous
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Re: Rebuilding Bank Loan Possible?

Not worth the bother, since it won't make any meaningful difference. A third credit card will help greatly. Consider OpenSky secured card - easy to open, and will boost score.

 

Another option, though some here frown on it, is applying for a Fingerhut card. Despite their products often being over-priced (less so, if one can take advantage of their various promos), is a cinch to get, and reports to all three bureaus promptly.

 

Key to Fingerhut is buy a product - doesn't matter how much it costs, though I'd suggest at least $100, and pay at or above minimum due for a few months without paying off. Especially critical if only approved for their Freshstart program. After a few on time payments, Fingerhut will often increase credit limit. Afterwards, payment in full for any subsequent purchases works out fine (no longer necessary to carry a balance), and strongly suggested, since their interest rates are high.

 

To get a feel where your credit is without taking a hardpull (HP) hit (won't affect your credit score), and possibly a viable option for your third card, if pre-approved under their more favorable terms ($35 annual fee) is applying for a Milestone Master Card ... https://milestonegoldcard.com/get-your-gold-card

 

Barclaycard Rewards Mastercard, which is aimed towards those with Fair credit and better, is another option to consider, but you're likely just short of qualifying - bookmark the link and try in a few months. http://www.findmybarclaycard.com/barclaycard-credit-cards/compare

 

Message 3 of 4
Anonymous
Not applicable

Re: Rebuilding Bank Loan Possible?


@Anonymous wrote:

I read in credit card forum that it is possible to get a $500 bank loan with a low credit score (mine is around 630 Fako score) that only requires around a $14 per month payment and they recommended I look in this forum but I could not find the info.

 

Could anyone point me in the right direction, I really need an installment loan to show on my credit report as I know its better to show different types of credit on your report and I have no interst in getting a car loan or house loan any time soon, so this seems to be my only option to create an installment loan.

 

I currently have a Capital One Secured ($200) with 5 monthly payments reporting and just got a Capital One Quicksilver ($500) not yet reporting.

 

Also looking to apply for the Walmart Card as well, but I know it looks better if you have an installment loan reporting as well.

I would like to just have the installment loan from the bank report for like 3 months and then pay it off or get a second one with the money from the first one and pay off one after 3 months so I have one paid in full and another that I am up to date with but continusling to make payments.  Maybe even pay an extra month ahead of schedule.

 

Let me know what you guys think.  TIA


@If you have no installment loans at all, no auto, personal or student loans, then a *secured* personal loan will help out - not a lot, but it will help out some. I would suggest opening an account at SDFCU and applying for one there. They will go $500 @ 2.99% for 36 months - just over $14 a month payment. Best way to do it is to just put the loan proceeds back into the savings account, and set it to make automatic payments out of the savings account.  Set it and forget it. You only need one actively reporting, so theres no sense in snowballing them.


Consider apping for another Cap One card.

Message 4 of 4
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