Secured Loan vs. Secured Visa from CREDIT UNION need ADVICE!!!

[Kixforpa]

Hiii...

I need good advice, tell me what you guys think. My husband and I have separate accts at the CU. I can not join his account due to some negative info on Check-systems but they let me open a shared-restricted. So what we came up with is he gets his own loan or visa and I would do the same. My question is which one is better?

We both have about 15 installment loans (mostly student loans my husband does have a car loan) reporting so many sl due to the selling of loans from bank to bank and to dept. of edu. All our loans are in good standing.

I have about an average of 5 revolving accts. One of my CC's is not reporting to Transunion. Util. about 7%

He has about 3 revolving accts. 9%

So how do we raise these scores? Should we each go with the Shared loans. Let me give you and example of a $500.00 loan there will be an 11% surcharge so my loan would be $555.00 for 12 months with monthly payments about $42.14 interest already included.

Or get the Secured Visa. I apologize for not having accurate info on their Secured Visa.

I just would like to know what looks better based on the figures, I have provided.  What will help our credit score and gain worthiness.

[MarineVietVet]

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@Kixforpa wrote:

Hiii...

I need good advice, tell me what you guys think. My husband and I have separate accts at the CU. I can not join his account due to some negative info on Check-systems but they let me open a shared-restricted. So what we came up with is he gets his own loan or visa and I would do the same. My question is which one is better?

We both have about 15 installment loans (mostly student loans my husband does have a car loan) reporting so many sl due to the selling of loans from bank to bank and to dept. of edu. All our loans are in good standing.

I have about an average of 5 revolving accts. One of my CC's is not reporting to Transunion. Util. about 7%

He has about 3 revolving accts. 9%

So how do we raise these scores? Should we each go with the Shared loans. Let me give you and example of a $500.00 loan there will be an 11% surcharge so my loan would be $555.00 for 12 months with monthly payments about $42.14 interest already included.

Or get the Secured Visa. I apologize for not having accurate info on their Secured Visa.

I just would like to know what looks better based on the figures, I have provided.  What will help our credit score and gain worthiness.

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Hello.

You don't say what your scores are. Also why do you feel you need more credit at this time?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Hi Kixforpa!

Based on what you've told us here, I'd say, C) None of the Above. I wouldn't take out an installment loan, and pay interest just for the sake of adding another loan to my credit reports. You already have several installment accounts, and opening a new one is a) going to cost you money, and b) going to lower your AAoA. You already have low credit card utilization, so it doesn't appear that opening another card is going to give you an assist. You noted that you have 5 revolving accounts already, why would you need a secured one? You'll take a hit for the INQ, a hit for a new account, and a hit for your lowered AAoA.

One thing that you didn't tell us was what your scores are now, and what (if anything) is negatively impacting your scores. <-- Having that information will better help us give opinions on how you might best go about a score boost.