topic Re: Credit builder loan in General Credit Topics

Credit builder loan

Anonymous — Thu, 20 Sep 2018 06:25:02 GMT

I'm about to get A credit builder loan so I can establish some payment history should 1,000$ be enough are should I go higher

Re: Credit builder loan

Medic981 — Thu, 20 Sep 2018 11:51:00 GMT

@Anonymous wrote:
I'm about to get A credit builder loan so I can establish some payment history should 1,000$ be enough are should I go higher

Welcome to the myFICO forums!

With a credit builder loan, it is not the amount borrowed that helps it is the positive payment history that you are seeking. Whether the loan is $200 or $2000 doesn't matter. I would borrow the smallest amount allowed and make the payments on time.

Re: Credit builder loan

Anonymous — Thu, 20 Sep 2018 17:30:28 GMT

Do you have anyone in your extended family that is in the military? If so, we can suggest a solution that is better than most credit builder loans.

Re: Credit builder loan

Anonymous — Sat, 06 Oct 2018 21:35:04 GMT

Question. Will it be a hard inquiry to get the credit builder loan. Just curious. I'm thinking about doing it.

Re: Credit builder loan

Anonymous — Sat, 06 Oct 2018 22:42:04 GMT

@Anonymous wrote:
Question. Will it be a hard inquiry to get the credit builder loan. Just curious. I'm thinking about doing it.

It depends on the lender.

Do you have anyone in your extended family that is in the military? If so, we can suggest a solution that is better than most credit builder loans.

Re: Credit builder loan

Anonymous — Sun, 07 Oct 2018 00:06:06 GMT

Yes, I have a brother in the military

Re: Credit builder loan

Anonymous — Sun, 07 Oct 2018 01:59:07 GMT

Then by far the best solution for you would be to join Navy Fed Credit Union and implement something that we call here the Share Secured Loan Technique. People here can describe it more detail if you are interested.

Re: Credit builder loan

Anonymous — Tue, 09 Oct 2018 00:17:33 GMT

Oh my. Yes, I am a member of Navy and was actually looking into that type of account since I got denied for the person loan.

Re: Credit builder loan

Anonymous — Tue, 09 Oct 2018 01:24:17 GMT

Great. So you just want to get a Share Secure Loan at Navy for $3001. Then pay the balance down to $250.

That will get you a score boost in FICO 8 of about 30-35 points.

You can find out more about the SSL technique in a number of places on the forum. SouthJamaica most recently implemented at Navy with great success.