Credit-building personal loan

[Anonymous]

From my understanding having at least one personal loan is good fro your FICO due to the "credit mix" factor. 

I usually get something called a credit matters loan from my credit union. It's a year long and extremely low interest. You can't actually touch the $500 dollars though you don't have access to it, they take the monthly payments out of it.

The problem with this is a <1 year account brings down AAoA. I'm looking for a better solution and a longer loan. My strategy would be to use the loan itself to immediately pay off 95% of the principal, then stretch out the tiny payments over the full life of the loan.

So my question is, where could I find the longest-term personal loan? 

-Glenn

[Anonymous]

I used my local credit union when I began to build my credit.

I received a $500 secured loan from the bank in which I could not

have access to the cash until it was paid off.

The loan was for 15 months.

I paid on the loan for 10 mos and then paid it off. one week later....

I applied for a credit card and was approved,

one month later I was approved for an $18000

car loan, all through the same credit union.

7 mos later approved for a second car loan for $14000.

This is a great way to establish a relationship with a credit union and rebuild your credit !

You are taking the right steps for a better financial future !    

[Anonymous]

OP, what you want to do can be found in this thread here:

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

It's a monster thread and a great read, but only worry about the first few posts for now.  It's an extremely simple way to accomplish exactly what you are looking to do.