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I was thinking of gettting a secured loan through my bank to help my score. Any thoughts. Anyone have any experience with secured loans to rebuild credit? Theres also a local place here where i live that does very small installment loans. Like they lend you 50 bucks, you pay it back over 2 months and they report it to all 3 CRAs. ?????
Installment loans don't do much for your FICO score, unless you miss a payment, then they will tank it.
On the other hand, FICO likes to see a mix of credit so it wouldn't be a bad idea for that.
+1 It will add to the mix, just make sure you have some revolving credit thrown in there.
I was considering doing something like that to add to my credit mix. Specifically I was considering depositing $1200 in a credit union and using it to get a secured loan for $1200 then deposit that in another account and use it to pay back the loan with an autopayment. I figured I would go to the credit union and explain to them what I wanted to do and do it with their blessing. Does anyone know if that would raise my scores enough to be worth it? I'm guessing it might be more valuable towards the end of the loan than the beginning. Also, as soon as the loan was paid off. would it's benefits to my credit score end? I guess I could roll it out if it did. Basically it is a way of paying for your credit score to go up but it is legit because it does demonstrate that you are serious about your credit score and also that you are at least a little bit organize so ethically I don''t have a problem with it. I am just wondering how it would help my score. At this point tying up $1200 (plus interest) is a serious commitment for me but it is worth it if it will help my score a lot. My immediate goal is to qualify for a higher limit credit card than the capital one platinum 500 dollar limit I have.
Anyone have some good recommendations for credit union loans?