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Credit builder loan

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Credit builder loan

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
Message 1 of 9
8 REPLIES 8
Valued Contributor

Re: Credit builder loan


@Ronc35 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. 



















Your FICO credit scores are not just numbers, it’s a skill.

Message 2 of 9
Super Contributor

Re: Credit builder loan

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.

Message 3 of 9
Valued Member

Re: Credit builder loan

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

Message 4 of 9
Super Contributor

Re: Credit builder loan


@Kimboo 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.

Message 5 of 9
Valued Member

Re: Credit builder loan

Yes, I have a brother in the military

Message 6 of 9
Super Contributor

Re: Credit builder loan

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.

Message 7 of 9
Valued Member

Re: Credit builder loan

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.

Message 8 of 9
Super Contributor

Re: Credit builder loan

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.

Message 9 of 9
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