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Posts: 7,225
Registered: ‎09-16-2011
Re: myFICO Fitness Challenge 2012 Wrap Up: How Did You Do?

talamafa wrote:

Happy Holidays!

The first step on this journey was to get my credit score. I am pleased. But I want to take it higher. A bad choice, an impulsive decision to get a Macy's card while doing Christmas shopping and one missed payment in '08 still haunts me. In 2 years, that red flag can be eliminated. In the mean time, what can I do to maintain or improve my credit score? Besides property or a car, what else might I buy on installment? 

There is no need to buy a car or something else just to have an installment loan reporting..  check with banks in your area and find one that offers a secured loan... that is a loan secured by your money. What happens with a secured loan is that you take money to the bank and use it to buy a CD.  They then take out a loan against the CD, and give you the money back.  Then you pay the bill on the loan for 12 months, while earning interest on the CD. After 12 months, you own the CD free and clear, and you've built 12 months installment history which can help if you want to buy a car later on.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!

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