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
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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 .
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