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Should I get an installment loan

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Anonymous
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Should I get an installment loan

Hello. I have been thinking about getting an installment loan to boost up my credit. I was wondering if anyone know of any companies that offer installment loans that will report to the credit beaures each month?

Message 1 of 8
7 REPLIES 7
Anonymous
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Re: Should I get an installment loan

Read the first few posts on this thread.  It will tell you everything you want to know:

 

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

Message 2 of 8
Anonymous
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Re: Should I get an installment loan

Awesome! thank you Credit guy. Your the best credit guy EVER!!!!!!!!!!!!!!!!!!!!!!! ;-)

Message 3 of 8
Anonymous
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Re: Should I get an installment loan

The installment loan technique linked is good for about 30 points or so on your credit scores, but it's important to know that it only works if you have no current open installment loans.  I think this is more or less implied with your original post, but you didn't specifically state this so I wanted to clarify just in case you already have an open installment loan and were thinking that adding another could help your scores.

Message 4 of 8
Anonymous
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Re: Should I get an installment loan

I have student loans. Those are considered installment loans huh?

Message 5 of 8
SouthJamaica
Mega Contributor

Re: Should I get an installment loan


@Anonymous wrote:

I have student loans. Those are considered installment loans huh?


Yes they are. If you have those, you don't need anything else. Just need to pay them down to 9% to get maximum scoring.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 8
Anonymous
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Re: Should I get an installment loan

Ok thank You!!!!!!

Message 7 of 8
Anonymous
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Re: Should I get an installment loan

Student loans are certainly installment loans.  But there has been some very recent evidence that MIGHT suggest that a person with only student loans might benefit from the SSL technique.  If there were a benefit, it would be because FICO scores student loans differently from other kinds of installment loans.  That's a hypothesis -- nobody knows that to be true.  It's just that there were a few recent reports that implied it MIGHT be true.

 

Our OP might be in a great place to help the broader community answer that question for certain.

 

Songburd, if you would like to hear more details about how you might help let me know!

 

We'd need to know:

    *  Are your loans still in deferment?

    *  Do they appear on your credit reports?

    *  What was the total original amount of the loans all together?

    *  How much do you currently owe on the loans all together?

Message 8 of 8
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