Reply
Regular Contributor
Posts: 186
Registered: ‎09-20-2012
0

Secured Loan?

What are everyone's thoughts of doing a secured loan via a bank with something as collateral (car, boat, etc)? I've seen posts about them and was thinking about doing something like that to add as a TL to help raise scores  so it shows as an installment loan.

Valued Contributor
Posts: 1,206
Registered: ‎02-19-2012
0

Re: Secured Loan?

Try for a secured loan via a bank or cu. Usually a small amount they put the money in a CD and you make monthly payments also u need to have at least 2 cc reporting for best outcome with scores


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!
Established Contributor
Posts: 560
Registered: ‎09-29-2012
0

Re: Secured Loan?


FLAJenn wrote:

What are everyone's thoughts of doing a secured loan via a bank with something as collateral (car, boat, etc)? I've seen posts about them and was thinking about doing something like that to add as a TL to help raise scores  so it shows as an installment loan.


This might be what they refer to as a Title Loan.  Unlike a finance loan which is automatically secured with the object you are fianancing the purchase of.  A secured loan seems to usually be secured with upfront money you give the bank and they put it in a CD and you get back your deposit once the loan is PIF.

 

Maybe a personal loan is better fit?  Personal loan is they just give you money and you don't put up collateral or a deposit.  Tho, i'd be willing to bet you'd get better rates with a title loan.

 

Anyways, I would actually not recommend getting any sort of loan.  I am not a fan of getting credit to get credit or in the hopes that a new or different kind of TL will have some effect on your CRs.

 

Now, if you actually need the money like for medical bills or house repairs, then I am a fan of trying to get approved for some type of a loan -- which just so happens it may also help your credit.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.