secured loan** last payment due

[mhp]

I have a secured loan and owen $32. Orig $500 w/payments of $42 p/mo. I dont know what to do. Should I pay this off? Will this add points to my score? Should I request to keep open and add more money to this loan? I dont know how all this works!! Can someone please help. thanks...

[fused]

I'm moving this thread to the FICO scoring forum.

--fused, myfico moderator

[haulingthescoreup]

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@mhp wrote:

I have a secured loan and owen $32. Orig $500 w/payments of $42 p/mo. I dont know what to do. Should I pay this off? Will this add points to my score? Should I request to keep open and add more money to this loan? I dont know how all this works!! Can someone please help. thanks...

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Do you have any other open installment tradelines, including mortgages? This would also include auto loans, student loans, home equity loans (not home equity lines of credit), etc.

[mhp]

I have a secured visa, orchard credit card that I just opened a few months ago. I have a auto loan but they dont report anything until loan paid off. 

exp=672; tu=697; efx=643

[Booner72]

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@mhp wrote:

I have a secured visa, orchard credit card that I just opened a few months ago. I have a auto loan but they dont report anything until loan paid off. 

exp=672; tu=697; efx=643

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That's something I've never heard of.  I bet if you were late they'd report in no time!  Good Luck with rebuilding!