Secured Installment Loan

[Anonymous]

I have horrible credit that I am working to rebuild. I would like to get a secured installment loan. I already have a secured credit card. Anyone know a reputable company that reports to all three CRA that I should look into.

Also currently my credit limit on my secured card is $300 would increasing that help with my credit score. I currently use the card for no more then $50 and pay it off almost immediately. 

[Cotton_Britches]

I just received a secured credit card from Citibank. They also give personal loans, but you have to have a checking/savings account open with them for at least two months in order to apply. I just opened mine and will apply for a small loan in a few months. The minimum loan amount is $500.

May be worth looking into.

[Cotton_Britches]

By the way, they check Equifax. My score is 655.

[Anonymous]

---

credit_killer wrote:

I have horrible credit that I am working to rebuild. I would like to get a secured installment loan. I already have a secured credit card. Anyone know a reputable company that reports to all three CRA that I should look into.

Also currently my credit limit on my secured card is $300 would increasing that help with my credit score. I currently use the card for no more then $50 and pay it off almost immediately. 

---

Hi credit_killer!

One of the best pieces of advice that I received when I started out was this-- repair first, rebuild later. For one thing, it alleviates you of the pressure of finding attainable credit products (that you probably don't really need) for your credit profile. More importantly, it'll keep more money in your pocket for working on repairing. Equally important, it'll allow you to avoid the less savory lenders altogether.

While installment loans do put a positive spin on your 'mix of credit', it's not critically important (like utilization)-- meaning that it doesn't carry the FICO weight that other aspects of your credit score do.