Thin File Help(Experienced preferred)

[Anonymous]

Here was the options I was given. Which one would be effective? Please let me know your opinion and if you different options.

-Credit builder loan.
-Secured credit card.
-Auto loan with co signer with good credit.

[gdale6]

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@Anonymous wrote:
Here was the options I was given. Which one would be effective? Please let me know your opinion and if you different options.

-Credit builder loan.
-Secured credit card.
-Auto loan with co signer with good credit.

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Secured CC, credit cards always trump instalment type loans in Ficos eyes, 30% of your Fico is based on utlization percentages of your revolving cards, instalment loans can help in the creditmix category but its only 10% of the overall score. Welcome to the board

[Anonymous]

While gdale6 is correct that revolving trumps installement, there's absolutley no reason you cannot or should not do both. Don't do an auto loan unless you actually NEED a car. An auto loan won't give you a bigger boost than a secured installment loan, and you'll pay a heck of a lot less interest.

[Anonymous]

Thanks for the help. Will definitely look into a secured cc/loan.

[Anonymous]

I got my secured loan from SDFCU - really easy to work with. I did it all online and over the phone.

[SunriseEarth]

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@Anonymous wrote:
Here was the options I was given. Which one would be effective? Please let me know your opinion and if you different options.

-Credit builder loan.
-Secured credit card.
-Auto loan with co signer with good credit.

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I think a secured CC is the best way to go, especially since UTIL of revolving credit is a huge component of the FICO scoring models.   Many do the loans for mix of credit purposes, but that is a small portion of the score, compared to UTIL.  

[Anonymous]

Good to know. If anyone else has any other comments I'd love to hear them. 

[Anonymous]

I'm in the same boat.  I'm leaning toward opening a secured card.  I had one that converted to an unsecured with Wells Fargo but it's the only cc I have now, which apparently isn't enough.  I was wondering if anyone knows if there are any hits to your credit when you open a secured card and does it matter if you open a small line $500 or less?  I read somewhere that the more lines that you have that are less than $2000, the worse it looks.  Anyone have any thoughts?  And I apologize for butting in on your post!  Good luck with everything!

[Anonymous]

No problem. I was actually thinking the same.

[Anonymous]

Also does anyone know the easiest secured cc/bank to get approved with? Thanks for all the info so far.