@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.
Starting Score: 0