I have no active Installment information on my account (just past Student loans that are gone). Would a personal loan help me raise my Fico scores (add to the mix)?
Are there any Personal Loan providers, or even Micro Loan providers, who work with those with 'good' Fico scores, or those who are working to rebuild their credit? Who would you recommend? Anyone have any advice or experience with this? I'd like to get a car loan at the end of this year, so I want to build up my scores as much as I can in the meantime.
@righthererightnow wrote:I have no active Installment information on my account (just past Student loans that are gone). Would a personal loan help me raise my Fico scores (add to the mix)?
Are there any Personal Loan providers, or even Micro Loan providers, who work with those with 'good' Fico scores, or those who are working to rebuild their credit? Who would you recommend? Anyone have any advice or experience with this? I'd like to get a car loan at the end of this year, so I want to build up my scores as much as I can in the meantime.
Yes the best way to do it without incurring a hard pull, without getting into heavy debt, without any real expense, etc, is this method:
1. take out a $500 + savings account at a credit union such as Alliant Credit Union
2. take out a 48 mo. or 60 mo. "share secured" loan secured by the savings account
3. either decline autopay, or after signing up for autopay remove it later
4. after loan reports first time, pay it down to $45 or so (9% of face amount of loan)
5. when it nexts reports you'll get FICO points
In my case it was good for 25 or 30 points, but every credit profile will react differently
Thank you for this! : )
I just went through my bookmarks here and re-found this post too:
I really need to build up my score in these coming months and I'm noting all of this down. Thank you again.
@righthererightnow wrote:Thank you for this! : )
I just went through my bookmarks here and re-found this post too:
I really need to build up my score in these coming months and I'm noting all of this down. Thank you again.
Good research 
Once you've got the loan in place, pay $1 a month or so, so it lasts
This is a good way to handle things if you know what you are doing.
