@sihmud wrote:Hello all,
looking for some advice.
i am assisting my wife build her credit, she became a perm resident in august of last year. since getting her social and green card we have gotten her the following accounts
10/2021 cap 1 plat $500 limit
12/2021Walmart Card $300 limit
01/2021 GS Apple Card $1000 limit
I know an installment would make profile much stronger. id like to get her credit geared up so she can finance a car in the next year or year and a half.
my question is would a secured loan for say around 2k be worth it? if so, how many months should she get it for? id hate to have it for more than 6 months since I'm paying interest on our own money. should we go longer term and higher amount? we plan on going with Navy Fed since we bank there.
any tips will help!
thank you
Simple. Put $3100 into her savings account. Take out a $3100 share secured loan for 60 months. Then with the loan proceeds immediately pay down the loan to $280. Then make tiny payments for the next 57 months or so. Once the $280 balance reports she'll get a nice score boost in FICO 8's and 9's.
I'm assuming she is not on any other installment loans.
