01-10-2013 01:04 AM
01-10-2013 05:06 AM
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
|Current: Discover Fico 701 10/14 Walmart Fico 689 9/14|
Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014
|Amex Zync(Unicorn) |
Citi Diamond Preferred$6000
01-10-2013 12:17 PM
+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 .
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO