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@pizzadude wrote: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
if your planning on building a relationship with a cu then yes an installment loan would help you for relationship purposes but if the sole purpose is to score boost it wouldnt be worth it. if your trying to be borderline 800's on the score it might take several years of paying your bills on time for that to happen
Can you give me the name of that bank. I have never heard of CD that reports to credit bureaus.
@Anonymous wrote:Can you give me the name of that bank. I have never heard of CD that reports to credit bureaus.
Sounds funny. May be more to it.
Anyway since I fall firmly in the camp of getting installment loans on a report for just about anyone, I simply did a secured CD loan with USAA. Effective interest rate of 2%.
Likewise I got a decent boost, though I had an auto loan hit around hte same time too. With your scores, YMMV, wouldn't be surprised if it's a short-term negative but longer term it'd be nothing but goodness if you don't have an auto or mortgage loan (or other installment loan) already on there.
If you can get a CD-secured loan, then it might be worth it.
Otherwise, you might as well get a credit card with an annual fee.
Follow my financial journey: http://www.frugalrican.com