topic OBTAINING A SECURED LOAN in General Credit Topics

OBTAINING A SECURED LOAN

tray — Tue, 12 May 2009 11:04:14 GMT

Hi, when someone tries to obtain a secured loan do they pull a hard inquiry ( I hate to lose any points from creditscore) I am trying to boost my credit score, I do have a car loan, and installment loan from a gym paid off reporting on my cr, does anyone think a secured loan will help. Thank you for any advice.

5/09 TU- 722

5/09 EQ- 692

EX- who knows

Re: OBTAINING A SECURED LOAN

llecs — Wed, 13 May 2009 01:56:44 GMT

A secured loan wouldn't help your score any. Yes, there would be an inquiry but you'd also see a drop in your AAoA and a small drop in score. The only other issue is your mix of credit. If you are still paying on the car loan (assuming you don't have a mortgage), then a new loan wouldn't help. If the car loan is paid off, then you really wouldn't see a bump by adding a loan. I just paid off my last installment loan and saw increases on EQ and drops in TU, but all were single digits. Adding a new loan, in my case, would just drop my score. Besides, less than 10 points isn't worth the hundreds in interest paid out.

Re: OBTAINING A SECURED LOAN

tray — Wed, 13 May 2009 13:18:52 GMT

Thanks, llecs I guess I am going to just sit tight, I have no car loan that was paid off years ago, I just am thinking of a way to increase my credit score in July will be looking for a home loan, nowadays, if you do not have a 740 or higher credit score it's more tougher and going through a lot of hoops just to get a loan.