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How to build installment loan history + attain small Loans?

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CaliCreditNoob
Established Member

How to build installment loan history + attain small Loans?

How to build installment loan history + attain small Loans?

 

Please this is not a thread or seeking advice about Credit Cards or Credit Utilization or reaching higher FICO. I already have 9 credit cards and will get more and already reached 700 FICO pretty fast and keep util. Around 1-9%

 

My background is i have a successful 100% ontime payment past auto loan 5 years ago of last 2-3 years. That was my first installment loan ever.

 

Also, I just signed up for a Self Lender $27 a month 24 month duration credit builder installment loan.

I like installment loans for major purchases and debt reconsolidation of overtime its lower interest rates than credit cards over a multiple year timespan.

 

Also i enjoy installment loans because it helps the credit mix (10%) of FICO that ive been lacking.

 

I seek anyones help of i want to successfully overtime crawl then run on installment loans of get bigger and bigger ones over time.

 

Thank you!

1 REPLY 1
Anonymous
Not applicable

Re: How to build installment loan history + attain small Loans?

You only need 1 loan for the credit mix, you already got that with the previous auto, even though it's closed

 

You can gain more points by paying down the Self Loan.

 

 You don't need more than 1 open, it won't increase your score after the first

 

Personal loans and credit cards are similar in difficulty to get, with personal loans requiring proof-of-income more often than CCs

 

Your income and DTI will determine how much you can borrow on a PL. Credit will determine approval odds and interest rate.

 

To answer your question, look at local credit unions, they have all the loans you may be looking for

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