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Credit Builder Loan - How much and how long?

vV35Hszm
Contributor

Credit Builder Loan - How much and how long?

I was thinking of getting a secured loan from Navy Federal.  I have one from selflender.com but the rates were too high so I canceled it early.

 

https://www.navyfederal.org/products-services/loans/personal-loans/personal-loans.php#

 

The thing is I don't really understand what the ideal amount and time would be for credit score improvement.  Any tips?

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CreditGuyInDixie
Super Contributor

Re: Credit Builder Loan - How much and how long?

Getting an SSL is part of a broader technique, which involves paying almost all of it off at month 1 but then keeping it open for 60 months.  You can read all about it here:

 

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Sec...

 

Just read the first two posts.  Navy Fed is one of the proven alternatives to Alliant.

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