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Valued Member
Posts: 64
Registered: ‎11-01-2012
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installment loan?

Not really a credit card question. But looking for advice on getting a installment loan. Is it worth my time?(just using it to build my credit file) And if so where's a good place to get it from? Plz help
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Valued Contributor
Posts: 2,256
Registered: ‎07-23-2012
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Re: installment loan?

do you have any credit right now? 

if your only looking for an installment loan, your best bet would be to find a cd secured loan. 

which usually you take 1k of your money to secure 1k they give you. 

Depending on the interest rate it should be about 20-25 dollars that it would cost you too build that credit for the year. 

find a bank that reports to all 3 credit bureaus.

and since it would be in good standing after its paid off and closed it will report for the next 10 years after that 

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Moderator
Posts: 10,546
Registered: ‎12-30-2011
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Re: installment loan?

+1 to what CnC posted.

 

Most CU's and also some other institutions (USAA / Wells Fargo) will offer this service and I highly recommend it.  CU loan limits are around 1K typically though I believe there was a $500 one floating around, USAA is 2.5K and Wells is 3K last I checked.

 

Personally I went with USAA's as it was directly tied to a CD and I could specify the term on it, I wanted longer than a year that some of the other secured loans do.  It was a straight benefit to my credit report, but I only had one other installment loan ever on my report, if you have a thicker file with regards to installment loans, it likely won't be as beneficial.

 

Also, moving this post :smileyhappy:.

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