topic Re: Rebuilder Loan VS Secured Credit Card in Rebuilding Your Credit

Rebuilder Loan VS Secured Credit Card

timshifty — Fri, 30 Jul 2021 05:08:53 GMT

I need some help. I am about to enter the process of raising and improving credit but need to know if I should do a rebuilder loan or if I should do a secured credit card or both?

Thanks

Re: Rebuilder Loan VS Secured Credit Card

Red1Blue — Fri, 30 Jul 2021 05:17:16 GMT

It depeneds on what you have now. For Optimal FICO score it requires you have at least 3 credit cards and 1 installment loan. Depending on what you have now, you can decide if you need a loan or credit card.

Re: Rebuilder Loan VS Secured Credit Card

timshifty — Fri, 30 Jul 2021 05:20:45 GMT

well honestly the only thing I have open anymore is my car loan

Re: Rebuilder Loan VS Secured Credit Card

Red1Blue — Fri, 30 Jul 2021 05:43:34 GMT

@timshifty wrote:
well honestly the only thing I have open anymore is my car loan

Then you dont need a rebuilder loan. I would invest in getting 3 credit cards. Most of the credit unions offer no AF secured cards. You can try Affinity CU in NJ. They do not do credit check for secured cards. You can also try SDFCU they also do not do credit check . OpenSky is another secured card you can apply. 99% of the time they approve all the Apps irrespetive of your credit report. You can also apply for easy approval cards like Blaze, Mission Lane. Another option is to consider Tomo, Grain they approve based on your Bank account balance than credit scores. if you share your current scores and any baddies you have on the credit reports will help us to guide you;

Re: Rebuilder Loan VS Secured Credit Card

gdale6 — Sat, 31 Jul 2021 14:51:57 GMT

@Red1Blue wrote:
@timshifty wrote:
well honestly the only thing I have open anymore is my car loan
Then you dont need a rebuilder loan. I would invest in getting 3 credit cards. Most of the credit unions offer no AF secured cards. You can try Affinity CU in NJ. They do not do credit check for secured cards. You can also try SDFCU they also do not do credit check . OpenSky is another secured card you can apply. 99% of the time they approve all the Apps irrespetive of your credit report. You can also apply for easy approval cards like Blaze, Mission Lane. Another option is to consider Tomo, Grain they approve based on your Bank account balance than credit scores. if you share your current scores and any baddies you have on the credit reports will help us to guide you;

Agreed, the OP needs 3 open revolving cards.