Personal Loans for Credit Score Boosting

[hAr1x]

I have a pretty thin file in terms of my credit profile. I've been thinking about taking out a small personal loan to improve the credit mix criteria, but it seems that even loans that require bad credit denies me (searching around for prequal, soft pulls) for having too short of a credit history. 

My questions are

1) How long of a credit history (how many accounts should I have) before a decent, non-robbery personal loan could be granted?

2) What is the effect of taking out a private loan? Can it improve my score on top of what I have right now?

[Anonymous]

My wife had similar issue and I did it with her, by taking a Share Secured Loan from credit union. If you search for it in here will find plenty of topics.

[Anonymous]

1) I can't answer this well, but when I had almost no history I even got denied for a secured credit card
2) I've done this with Affirm (something I wanted to buy, but chose Affirm just to help my score), this initially hit my Experian report a little, then after paid 90% off I was about 10 points above my original score.

I also recommend the SSL technique. See https://ficoforums.myfico.com/t5/Personal-Finance/The-Quest-for-an-SSL-alternative-to-Alliant/td-p/5... and the first link in that post for a comprehensive explanation.

I recently investigated NASA FCU because no-one had looked at it and I wasn't eligable for SSFCU/NFCU/etc. and wanted to avoid Alliant if there was a true SSL option.

I think it's the best SSL option (there should be no chance of denial since it's your own money)

[importxpresions]

With how thin your file is it may more beneficial to play the waiting game and just let age and payment history build awhile longer? I understand trying to be proactive, this is a marathon not a sprint

[hAr1x]

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@importxpresions wrote:

With how thin your file is it may more beneficial to play the waiting game and just let age and payment history build awhile longer? I understand trying to be proactive, this is a marathon not a sprint

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Yeah I guess I still have a long way to go, but it's worth knowing future options

[sourpuss29]

@hAr1x 

I've been rebuilding my credit for the past 13 months.  Five months in, I only had two credit cards; so in order to thicken my file and boost my scores, I decided to take out a personal loan.  Since I have a thing about wasting inquiries and knew that my credit union at the time wouldn't give me one, I opted to apply at Oportun, which I had seen advertised on Credit Karma.

My scores at the time were in the 620 range, and they approved my application.  I would consider them a subprime lender; however, getting ripped off wasn't a concern of mine. Since I didn't actually need the money that they gave me, I cashed the check, put the $$$ in an envelope, then used it to make my payments every month.  When the tradeline first reported, my scores jumped 30+ points; and I subsequently paid the balance off in the third month, which corresponded with my sixth payment.

If you can work it like I did, it may be worth looking into.