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I plan to get an installment loan just for sake of my credit score. Is there any lender who report to all CRAs and have low APR? Also since I don't need money, what is the smallest amount of loan I can get?
for what?
Have you looked into a credit union?
@Anonymous wrote:I plan to get an installment loan just for sake of my credit score. Is there any lender who report to all CRAs and have low APR? Also since I don't need money, what is the smallest amount of loan I can get?
I'm not a big fan of taking out a loan just to add to your credit mix, it may not result in much of a FICO point gain. However if you are set on doing this I would start with a local CU as others have recommended.
So you mean I just go to a local CU and tell them I want a loan to increase my CS? Or ask for a specific type of loan?
Can you share some additional information about your credit profile ? Any negatives or derogatory accounts ? What is your average age of accounts ( AAoA ) ?
I went to a local CU JUST to take out 2 installment loans, to add to my credit mix.
1 was a 1k loan over 12 months. The loan was placed into the savings account, and the montly pmt is auto-drafted right from the money the loaned me.
The other was a motorcycle loan for 24 months, also auto drafted from savings, as I have my p/t check direct deposited to my savings account, to satisfy that loan.
The interest amount, at least to me, are minimal in the overall grand scheme. I get a FICO bump, and grow an even more solid relationship with my CU, so when the time comes for another loan, they'll not hestitate to help me out.
@pizzadude wrote:
Can you share some additional information about your credit profile ? Any negatives or derogatory accounts ? What is your average age of accounts ( AAoA ) ?
no negative. oldest account 20 month. AAoA 14 month. FICOs are between 740 and 750
@Repo-ed wrote:I went to a local CU JUST to take out 2 installment loans, to add to my credit mix.1 was a 1k loan over 12 months. The loan was placed into the savings account, and the montly pmt is auto-drafted right from the money the loaned me.The other was a motorcycle loan for 24 months, also auto drafted from savings, as I have my p/t check direct deposited to my savings account, to satisfy that loan.The interest amount, at least to me, are minimal in the overall grand scheme. I get a FICO bump, and grow an even more solid relationship with my CU, so when the time comes for another loan, they'll not hestitate to help me out.
Can I ask the type and interest rate of that 1k loan?
Looks like you are in great shape with your FICO® scores, honestly I don't think that you need to do anything right now other than let your accounts age with positive payment history.
@Anonymous wrote:
@pizzadude wrote:
Can you share some additional information about your credit profile ? Any negatives or derogatory accounts ? What is your average age of accounts ( AAoA ) ?
no negative. oldest account 20 month. AAoA 14 month. FICOs are between 740 and 750