topic Re: Installment loan without a hard pull? in General Credit Topics

Installment loan without a hard pull?

ando35 — Wed, 30 May 2012 14:13:30 GMT

Does anyone know how I can get an installment loan either without a credit check or that uses experian only? I have too much new credit but I a need a bump.

Re: Installment loan without a hard pull?

pizzadude — Wed, 30 May 2012 14:59:34 GMT

@ando35 wrote:
Does anyone know how I can get an installment loan either without a credit check or that uses experian only? I have too much new credit but I a need a bump.

I'm not sure that you'll get a bump from having another new account added to your reports.....It will still ding your AAoA. Even if it is your first installment loan and it adds to your mix of credit it may not necessarily help a lot.

Re: Installment loan without a hard pull?

ando35 — Wed, 30 May 2012 17:54:43 GMT

I dunno, I have heard that when you don;t have a well rounded mix, it can make a diff. I expect 10-20 points. Problem is I have too much new credit.

Re: Installment loan without a hard pull?

MarineVietVet — Wed, 30 May 2012 18:03:04 GMT

@ando35 wrote:
I dunno, I have heard that when you don;t have a well rounded mix, it can make a diff. I expect 10-20 points. Problem is I have too much new credit.

I tend to agree with pizzadude. If you already have new accounts then adding another one will likely not help you. Credit mix is only 10% of your total score so I would wait 6-12 months before looking at any more accounts.

But only you can make that final decision.

Re: Installment loan without a hard pull?

ando35 — Wed, 30 May 2012 22:42:47 GMT

12 months is like like 20 years in credit repair world time!

Re: Installment loan without a hard pull?

llecs — Thu, 31 May 2012 15:33:18 GMT

@ando35 wrote:
12 months is like like 20 years in credit repair world time!

LOL! So true.

My vote would be that you'd see a score loss. While I did have two paid and closed auto loans reporting, I did add a loan from Lending Club and FICO dropped on TU. It never reported on EQ, but did on EX, though I didn't/couldn't track my EX FICO to see that change.

Re: Installment loan without a hard pull?

mtrsprt — Thu, 31 May 2012 23:05:01 GMT

When I added an installment loan, my score dropped 14 points. Just sayin..... lol

Re: Installment loan without a hard pull?

marty56 — Fri, 01 Jun 2012 11:00:34 GMT

Don't be FICO score poor. A say 20 point loss to get your home or car of your dreams is a bargin.

Re: Installment loan without a hard pull?

Anonymous — Fri, 01 Jun 2012 12:14:16 GMT

@ando35 wrote:
12 months is like like 20 years in credit repair world time!

The new accounts won't repair credit unless they're allowed to age.

Re: Installment loan without a hard pull?

Revelate — Fri, 01 Jun 2012 20:40:38 GMT

@Anonymous wrote:
@ando35 wrote:
12 months is like like 20 years in credit repair world time!
The new accounts won't repair credit unless they're allowed to age.

This. If you need an installment loan reporting on your credit reports because you don't have any other, go get one.

EX specific, just go find a CU known to use Experian and get a secured personal loan from them (or unsecured if your credit profile permits) and go from there. The only headache you have is finding one that also reports to all three bureaus... I have one installment loan that only reports to EX, oops. Had to go get another to cover my bases on the other bureaus.

Also I'd make the usual point: if you don't need an auto or a mortgage loan in the next 12 months, don't sweat the additional inquiry especially if it is to fix an area where you're tradeline poor as it sounds you have limited installment history.