Thinking of getting a secured Credit Union Secured Loan

[Anonymous]

 In terms of current open credit, I only have one secured BOfA Visa and a Crown Jewellers card (only reports to TU and Experian. Fake Ficos are around TU 614 EX 621. I am thinking of getting a secured loan of about $500 from my CU against my savings and pay it over 6 to 12 months. Might this move help me gain a few pionts in the long run. Should I app for another secured CC? unfortunately my CU does not offer secured CCs. Any suggestions. My baddies are 2 cc paid CO reports on all 3. another CC CO still not paid reports only on TU and Ex. 1 paid in full car loan but with lates ( i sent a batch of GWs for this item. 10 in all to different adresses including 1 to the company HQ in London England. been 2 weeks ) Besides that I have only 1 good closed paid as agreed auto loan from 03.  Last week a csr at Kohls asked if i wanted to app for their store CC but i said no thanks afraid i might be denied. Any suggestions will be appreciated

[RobertEG]

If you are seeking a loan from a CU to add an installment loan to your credit mix, be sure in advance that it will report as such. Some CUs offer what is advertised as a "loan," but is actually reported as revolving credit.  They offer a "loan" with a preset limit, and you draw against it as your need arises, up to the preset limit.  That is actually revolving credit, and is reported as such.

[Anonymous]

I had in mind the loan to report as an installment item with the hope it will add to the credit mix

[RobertEG]

The distinction is the same as that between a pure second trust on a mortgage loan, and a HELOC.  A HELOC is a line of credit that you can draw against, and scores as revolving credit, if below aroung $25K. One is installment,the other is revolving.