10-28-2012 11:18 PM
I've let my views be known before on the topic of secured loans. I think they are a waste of resources, have very little impact on mix, potentially lower your score due to new credit and AAoA, and cost $$$ to boot. There are also posters in here who have hit 800+ with no loan reporting. BTW, higher CLs don't help your score, though properly utilizing the CLs you have will.
I know it gets frustrating...we've all hit that FICO credit wall.
Thanks for your views. I was thinking of getting a secured loan to help the mix, but if its impact would be minimal I wouldn't bother.