@Anonymous wrote:
Amex denied me and said I have no recent installment loan information. I am the type to never take a loan for anything, I use my CCs as cash replacements. I save pennies then buy my cars outright.
With that in mind, what is the best way to get some installment loan information on my credit report that won't cost me any money? By any money I mean over 100 bucks. I wouldn't mind paying 100 bucks in interest if it gets me closer to getting that amex blue cash preferred card.
I remember trying what you are proposing back in the late 90s. I took out a loan from American General Finance for about $2,000...paid it off shortly (with interest)...and my credit standing didn't change a lick.
Here's your problem: Most installment loans are paid over a pretty long period of time - and those that aren't are really not very useful where improving your credit is concerned. Purchasing something and paying it over the span of several years is really what you are after here because it establishes your ability and willingness to responsibly manage credit over a period of time...and I'm not sure I'd undertake that task for the sake of getting an AMEX credit card unless there is something you really need like an automobile.
Bottom-line: Credit is a patience game, as is the practice of establishing a credit history. Installment loans are no exception.
In my wallet: Local Credit Union $25,000, Northwest Bank VISA $25,000, AMEX BCP $15,000
