short term loans?

[Anonymous]

will building your credit score do small short term loans add to credit score when payed off? will the short term credit history from the loan lower your credit history?

[Anonymous]

That's a good question. I was wondering about that too, as I took a small $800 holiday loan out from my CU and I start paying (and they pull payments automatically from my paycheck) on 1/6. I would assume it would report, but I am going to keep an eye on my reports to see what happens once its being paid on or paid off

[Anonymous]

When I first started my rebuilding I didn't have any TL to create a credit score ,and I didn't have the extra cash to get a secured card at the time.

So I like you took out a small installment loan $1200 I used my car as collateral.

I made sure they would report to the CRB before I even appd.

After the seventh month It did give me the six month TL I needed to create a credit score.

It was not the credit score I wanted (LOL) but it gave me a ideal of where I was at and what I needed to do.

Hope that helps some.