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Secured Loans and Credit Deposit

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Regular Contributor

Secured Loans and Credit Deposit

I'm currently gardening the cards I have.  Scores are in the 700's.  My bank offers a credit builder program with terms ranging from 12 to 24 months and a maximum loan amount of $3,000.00.  This month mine closed.  It was for 1K and was a 24 mo. term.  Is there any benefit in opening another one?  I have another installment (auto loan) thats at 80% util.  Any advice is appreciated.


Starting Score: <600 & No Score 2/2011
Current Score EQ : 726
Current Score (TU Walmart): 676
Goal Score: 750


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Moderator Emeritus

Re: Secured Loans and Credit Deposit

Actually no, you already have an installment that's open, and one that's closed that's adding to your AAoA.  Installment loans actually factor in pretty low.  Your scores are high enough now where you should get some pretty decent revolving accounts, they factor much greater.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
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Regular Contributor

Re: Secured Loans and Credit Deposit


Shogun wrote:

Actually no, you already have an installment that's open, and one that's closed that's adding to your AAoA.  Installment loans actually factor in pretty low.  Your scores are high enough now where you should get some pretty decent revolving accounts, they factor much greater.


+1 I paid off my secured loan in full once I opened my auto loan as well. You just need 1



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
Current Score: Exp:623 | TU FICO:639 | EQ FICO:743 - 01/24/2012
Wallet: Applied Bank $200, OpenSkyCC $300, 1st Tech CU Secured $2k, Discover IT $1.5k, CITI AA $2.8k, USAA AMEX $7.5k
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