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How to rebuild with low income

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Amwar73mf
Established Member

How to rebuild with low income

I'm rebuilding from zero, have a Discover that just converted to unsecured and CLI to $1500. Just got approved for a $200 secured Citi card.

 

I live on SS and a little bit I make online. My income is low, but I don't have anything other than immediate bills (rent, utilities) to pay, which are less than $800/month. The two charge cards are used for things I normally buy and paid off every month.

 

I still have my $1200 stimulus money. Should I use that to get a secured $1,000 loan from a bank so I have something other than CCs on my record? A secured loan would be much lower interest than a credit builder loan. What I'd do is take the money from the loan to pay back the loan early, plus interest of course. I don't even know if I could get my bank to do this, but if not, there is a credit union across the street I could join that probably would.

 

Would this help me or hurt me? TIA

Message 1 of 14
13 REPLIES 13
Anonymous
Not applicable

Re: How to rebuild with low income

I don't know what your credit goals are, but I can speak to the credit builder loan. 

An installment loan helps your credit score not so much in having paid it off, but that you actually have one active that you are paying every month. A car loan, student loan, regular loan, or credit builder loan, will all help your score. But you only need one. And it doesn't really matter how much.

 

 My advice: save your 1200$, grab a modest Self loan, 24 months,  and pay a low monthly amount. That's if you have no other installment loans (car payments, student loans, etc). 

You also state you have 2 CCs. Great! But for optimum Fico scoring you might consider 3. Check out the AZEO method here on the forum. All Zero Except One meaning you pay down two cards to zero so they report zero balances when their statements cut, and you let one card report a small balance then pay it before the due date. 

good luck!!

Message 2 of 14
Amwar73mf
Established Member

Re: How to rebuild with low income

EDIT: I didn't know what a self loan was, so I looked it up. I don't want an account that closes when I finish paying, because that hits your credit score. I want an account that reports as paid off.

 

I don't want a credit builder loan, because I want to get the money in hand to pay the loan back. Otherwise, with my income, I risk not being able to make a payment and ruining the gains I've made.

 

I don't use the AZEO method, because I only have the two cards, and I charge the below 30% every month, then pay it off monthly. I don't think at this point, having a balance on one is going to help me, and I don't want to pay interest.

 

 

Message 3 of 14
Brian_Earl_Spilner
Credit Mentor

Re: How to rebuild with low income

Take a long term SSL out and immediately pay down to 8.9% or lower balance. Set a calendar reminder for when your next payment will be years down the road.

 

Having your cards report $0 balance creates a scoring penalty so you want a balance on one of the cards, below 8.9% of aggregate and individual limit. Once the statement cuts, pay it off so you don't pay interest. Adding a 3rd card will give you a small scoring boost.

    
Message 4 of 14
FireMedic1
Community Leader
Mega Contributor

Re: How to rebuild with low income

A third revolver will do more good than a installment loan. The loan does its best work once it hits below 8.9% until its closed and then you lose points after paying it off. This dont use more than 30% of your credit limit on the interest is hogwash. You can use all you want. Just pay 1 card down to $0. And the other pay it down to <8% before statement cut date. Then PIF before the due date. You can give Cap1 a pre-qual check. Then with 3 cards. You'll want to follow the same thing. Only 1 reports a balance. The other 2 $0 each month. FICO doesnt like more than 50% of cards reporting or none reporting or all reporting a balance.


Message 5 of 14
Anonymous
Not applicable

Re: How to rebuild with low income


@Amwar73mf wrote:

EDIT: I didn't know what a self loan was, so I looked it up. I don't want an account that closes when I finish paying, because that hits your credit score. I want an account that reports as paid off.

 

I don't want a credit builder loan, because I want to get the money in hand to pay the loan back. Otherwise, with my income, I risk not being able to make a payment and ruining the gains I've made.

 

I don't use the AZEO method, because I only have the two cards, and I charge the below 30% every month, then pay it off monthly. I don't think at this point, having a balance on one is going to help me, and I don't want to pay interest.

 

 


Any loan that gets paid off shows as closed and paid. Not really any way around that.

 

Self also works with you if you cannot make the 25/mo payments (on the 24 month loan), you just have to keep them in the loop and they are more than willing to assist you.

 

Good luck!

 

Edit: i think i made a wrong turn with describing secured loans, so I just scratched it all together lol

Message 6 of 14
Anonymous
Not applicable

Re: How to rebuild with low income

This is somewhat of an open-ended question, because you failed to list your intent, meaning goals and reasoning for wanting to do this, as well as obtaining more credit.

 

Are you trying to:

 

1. Purchase a home?

2. Get an auto loan?

3. Obtain high credit limit credit cards?

4. Just trying to establish and build a solid credit profile?

 

Anyway, I actually think you are doing just find, especially with your Discover becoming unsecured and the $1,500 limit.

 

I have had the Citi secured ($500 CL) for 18 months, yet they gave me some ridiculous reason as to why they need to maintain my $500 deposit for up to another 12 months, after I used no more than $50 at any given time on the card, paid it off and went no more than three months with a zero balance.

 

Three out of five secured cards, I got all in a six month time frame have already graduated, with the exception being the USAA and the aforementioned, Cit secured. The only good thing about the Citi secured, at this point, is it's unsecured and doesn't cost you a penny to keep it.

 

Again, you are in a far better situation than most who are rebuilding, being that you have no baddies and just a thin profile.

 

I would definitely seek a secured loan at a local credit union AND a Self(formally Self Lender) loan, and pay them on time, monthly, however, unless you are about to run into a financial crunch, or you are stuck in a bad(high interest loan) I would "NEVER" pay off a loan early, never!, ever! Not even one month early, remember you are trying to build your credit.

 

I 100% agree with others that you should seek another revolving line of credit, preferably an unsecured credit card, without an AF and a moderate limit, something comparable to your Discover.

 

If that falls through, then I would seek another secured credit card, and if that's the case, i would stay clear of Capital One Platimun secured, as it no longer graduates. I would try for the Capital One Platinum unsecured or the Venture(pre-qualifications), if Capital One refuses to offer you an unsecured product, I would seek credit elsewhere, then comeback once your credit profile demands it and get the Savor.

 

If your only choice is a secured credit card, I highly suggest a card that "I" believe is the best secured credit card on the market, and that's the Bank of America Cash rewards Platinum Plus Mastercard($150.00 Sign-Up Bonus for spending $500 in 90 days, plus your standard 3%, 2%, 1% cashback on everyday purchases.

 

When I started my rebuild, I obtained five secured credit cards, two secured loans(via two separate local credit unions) AND a Self loan.

 

I started the two secured credit union loans and the Self Lender loan in the same month and paid them off in the same month.

 

I know you are concerned about a credit hit after you satisfy your secured laons, but the hit to my score after paying them off for the "FULL" term was a six(6)points, that's after I obtain a huge increase to my FICO score during the the term of my aons.

 

Plus, I now have three accounts to matured to the "full" term, each giving me 12 months of positive on-time payments(36 total), and that added with my five secured credit cards, of which I kept below 10% utiliztion shot my score up 162 in a year. SIt was actually 168 points, but remember, i took that six point drop after I paid off all three loans. So, six points doesn't matter compared to what I gained in 12 months.

 

Finally, my opinion about AZEO(All Zero Except One). I think this is something "YOU" are going to have to test on your on. Personally, I started off paying off all my cards every month, allowing them to report a zero balance, each month, but that did nothing for me, nor did using the AZEO. 

 

What worked for "me," was leaving a small balance (less than $5) on each of my five secured cards, allowing them to report to all three credit bureaus monthly on the statement close date.

 

I made certain I "PAID" them off completely before the due date and using "THAT" method, even to this day, I've noticed that the bureaus favors it, at least with me, compard to all five cards having a zero balance, plus two cards actually reported "no activity," which was a lie, because after the initila first three months, I used myc ards every month for stuff like a bottle of dish detergent or the occasional $3.73 strawberry milkshake from Whataburger.

 

Sorry to be long winded, but I truly believe you are headed in the right direction, regardless of what route you take. But it would've helped if we knew your goals.

 

I would get another revovling line of credit, manage all three cards exceptionally well and sit back(garden).

 

Then, watch your scores improve. It's just a matter of time before better offers start to come in your direction, With that said, I would thread lightly when it comes to accepting numerous offers, especially if you are intending to get either the AMEX trifecta or the world-renowned Chase Trifecta.

 

If you've read this far, I can tell you are truly didecated to getting what you want and I see nothing stopping you

 

Take care and congrats on the Discover.

 

p.s. I would stay on Citi, when it comes close to unsecuring your card, as they are being stingy!

Message 7 of 14
Anonymous
Not applicable

Re: How to rebuild with low income


@Anonymous wrote:

This is somewhat of an open-ended question, because you failed to list your intent, meaning goals and reasoning for wanting to do this, as well as obtaining more credit.

 

Are you trying to:

 

1. Purchase a home?

2. Get an auto loan?

3. Obtain high credit limit credit cards?

4. Just trying to establish and build a solid credit profile?

 

Anyway, I actually think you are doing just find, especially with your Discover becoming unsecured and the $1,500 limit.

 

I have had the Citi secured ($500 CL) for 18 months, yet they gave me some ridiculous reason as to why they need to maintain my $500 deposit for up to another 12 months, after I used no more than $50 at any given time on the card, paid it off and went no more than three months with a zero balance.

 

Three out of five secured cards, I got all in a six month time frame have already graduated, with the exception being the USAA and the aforementioned, Cit secured. The only good thing about the Citi secured, at this point, is it's unsecured and doesn't cost you a penny to keep it.

 

Again, you are in a far better situation than most who are rebuilding, being that you have no baddies and just a thin profile.

 

I would definitely seek a secured loan at a local credit union AND a Self(formally Self Lender) loan, and pay them on time, monthly, however, unless you are about to run into a financial crunch, or you are stuck in a bad(high interest loan) I would "NEVER" pay off a loan early, never!, ever! Not even one month early, remember you are trying to build your credit.

 

I 100% agree with others that you should seek another revolving line of credit, preferably an unsecured credit card, without an AF and a moderate limit, something comparable to your Discover.

 

If that falls through, then I would seek another secured credit card, and if that's the case, i would stay clear of Capital One Platimun secured, as it no longer graduates. I would try for the Capital One Platinum unsecured or the Venture(pre-qualifications), if Capital One refuses to offer you an unsecured product, I would seek credit elsewhere, then comeback once your credit profile demands it and get the Savor.

 

If your only choice is a secured credit card, I highly suggest a card that "I" believe is the best secured credit card on the market, and that's the Bank of America Cash rewards Platinum Plus Mastercard($150.00 Sign-Up Bonus for spending $500 in 90 days, plus your standard 3%, 2%, 1% cashback on everyday purchases.

 

When I started my rebuild, I obtained five secured credit cards, two secured loans(via two separate local credit unions) AND a Self loan.

 

I started the two secured credit union loans and the Self Lender loan in the same month and paid them off in the same month.

 

I know you are concerned about a credit hit after you satisfy your secured laons, but the hit to my score after paying them off for the "FULL" term was a six(6)points, that's after I obtain a huge increase to my FICO score during the the term of my aons.

 

Plus, I now have three accounts to matured to the "full" term, each giving me 12 months of positive on-time payments(36 total), and that added with my five secured credit cards, of which I kept below 10% utiliztion shot my score up 162 in a year. SIt was actually 168 points, but remember, i took that six point drop after I paid off all three loans. So, six points doesn't matter compared to what I gained in 12 months.

 

Finally, my opinion about AZEO(All Zero Except One). I think this is something "YOU" are going to have to test on your on. Personally, I started off paying off all my cards every month, allowing them to report a zero balance, each month, but that did nothing for me, nor did using the AZEO. 

 

What worked for "me," was leaving a small balance (less than $5) on each of my five secured cards, allowing them to report to all three credit bureaus monthly on the statement close date.

 

I made certain I "PAID" them off completely before the due date and using "THAT" method, even to this day, I've noticed that the bureaus favors it, at least with me, compard to all five cards having a zero balance, plus two cards actually reported "no activity," which was a lie, because after the initila first three months, I used myc ards every month for stuff like a bottle of dish detergent or the occasional $3.73 strawberry milkshake from Whataburger.

 

Sorry to be long winded, but I truly believe you are headed in the right direction, regardless of what route you take. But it would've helped if we knew your goals.

 

I would get another revovling line of credit, manage all three cards exceptionally well and sit back(garden).

 

Then, watch your scores improve. It's just a matter of time before better offers start to come in your direction, With that said, I would thread lightly when it comes to accepting numerous offers, especially if you are intending to get either the AMEX trifecta or the world-renowned Chase Trifecta.

 

If you've read this far, I can tell you are truly didecated to getting what you want and I see nothing stopping you

 

Take care and congrats on the Discover.

 

p.s. I would stay on Citi, when it comes close to unsecuring your card, as they are being stingy!


You only need one installment loan for "credit mix" points.

 

AZEO does work, as it has been documented extensively. Unsure why it did not work for you.

 

Ideal credit mix is 3 revolvers (at least one bankcard) and 1 installmemt loan. You do not need more than this and can work with less.

 

3 revolvers are recommended so you can implement AZEO, but this is also attainable with only 2 revolvers, as well. Be cautious, as Chase reports off-cycle if you bring your balance down to $0 and AMEX is a charge card, so does not work, and apparently CU CCs can report differently, so also are discouraged for using as your non-zero card. One of these may be why you had issue with implementing AZEO.

 

Even with a mountain of baddies, each, both my and my SO have seen good point gains from utilizing AZEO technique.

 

OP - You don't need to go crazy apping for cards or getting several installment loans just to meet a certain number of accounts. What you have is probably just fine, maybe just an installment loan for the credit mix points, and then you just need time to let them age and keep getting positive payment history under your belt. Then you can app for card when you *need* one down the road or for when you want to go for a loan (auto/personal, etc) or mortgage.

 

Good luck!

Message 8 of 14
Anonymous
Not applicable

Re: How to rebuild with low income

My response was in retrospect to the OP's question.

 

My "empirical" response was my personal experience with the AZEO, that I used extensively, at first, with minimal gain, as compared to allowing small balances of $5 or less to report, of which I instantly(a month later) started to see a far larger increase in my FICO score. You noticed that in my response I noted that this was "MY" experience and even suggested that he/she would likewise have to test both options to see which one works for them.

 

My "personal" experience using AZEO for four months was extremely frustrating, as I expected more. I researched a ton of websites from advice to community boards, including the community boards right here on myFICO and even emailed some of the most acclaimed individuals in the industry, who, like you, didn't understand why AZEO wasn't working and suggested, I try leaving small balances and I did, then BOOM! it worked. Again, I tried AZEO, with all five of my cards for four months and saw minimal gain and a 162 point increase in my FICO 11 months into my rebuild trumps that of what others experienced.

 

You replied to me, stating, "AZEO does work, as it has been documented extensively. Unsure why it did not work for you."

 

I never swept AZEO with a broad brush and stated it didn't! I simply explained to the OP that this is something that he/she should test on their own and see first hand which method works best for them, as we all should.

 

Besides, as easy as it was for you to shout, "It's been doucmented, I, too, can doucment several "cited" sources, who stated that they do not agree with the AZEO method, as with everything in life from shopping to dining is a matter of preference. If you only follow the advice of a certain group of people, while ignoring that of others, then you are limiting yourself, as both options could be effective. Why shouldn't he/she attempt both methods? I would be upset if I stayed with the AZEO method and my FICO increased 90 points, compared to the162 points it did after I started leaving balances.

 

I did see  modrate gain using AZEO, but for me, "PERSONALLY," leaving a small balance on each card, allowing it to report, then paying it off a day or two later, BEFORE the due date, blew the AZEO method out of the water and I've used that method every month for the last year and a half, with exceptional results.

 

Now, with the excetion of the AZEO method, in essence we are offered similar advice, as I mentioned to the OP, that he/she was actuality in a good place, stating that he/she should get the secured loan AND another revolving, as many others have stated. I even mentined to the OP that he/she should after getting the one remaing revolving and the secured loan to simply "garden" for a while, and watch the offers fly in.

 

My reasoning for explaining my experience with AZEO was to give the OP a different approach, as "DOCUMENTED" by others on this site, as well as popular YouTubers, as well as astute individuals and influencers in the business of personal finance, credit, credit repair and more.

 

I never limit myself to "ONE" method, unless it's something far-fetched, I tend to try it all, at least once or twice.

 

Finally, the reason I obtained so many tradelines early on in my rebuild was, because since the crash of '08, I had paid cash for everything, except student loans...student loans that were reported inaccurately, because my G.I. Bill paid 80% of my loans, and after giving it a real good effort to solve this, I ended up getting fed up and sadly, allowed my 17 student loans to go into default, and they did.

 

However, since I had no credit except those 17 defaulted student loans that reported as "Charge-Offs" in 2014 and never reported again, meaning no monthly reporting of lates, the DoFD was set in stone and outside of me running my credit for Verizon phone lines, and getting my credit report once a yar, I had nothing on my credit.

 

BUT, as soon as I obtained my first two secured credit cards, guess what? Seventeen student loans that laid dorment for 4.5 years, all of a sudden were instantly reported, not by Navient/Dept of ED, but by some rugue collection agency AND they started to report all 17 student loans EVERY month, as if the accounts were still active.

 

So, like I always do, I inquired with a ton of community boards, inculding myFICO's community boards and were collectively advised that having just one or two positive tradelines reporting monthly, when I had 17 student lons reporting monthly was counter-productive, as my score took a huge deep as soon as those 17 student-loans hit my credit report, of which it was intentional to get my attention.

 

So, that's when I took the advice of many on these message boards, as well as others, and advice from several popular YouTubers and I added more postive tradelines to offset thos 17 student loans and guess what? It worked!

 

I also, started to weed through the numerous bull-headed CSR concerning my student loans and have been for the last year, waiting while my college registrar's, the VA G.I. Bill and the Dept of ED get their stuff together and get my accuarate amounts owed.

 

I also, was told that as soon as it's validated that there was an error in reporting, that even if I go through rehab for the acurate amounts, that I have a legal right to contest the reporting of the 17 student loan in general and have them removed. All was moving fairly quickly unil the pandemic started and we are at a stand-still, so to speak.

 

Anyway, now you see why i didn't explain why I acquire five credit cards, two secured loans and a Sel(Self Lender) account?

Message 9 of 14
Anonymous
Not applicable

Re: How to rebuild with low income


@Anonymous wrote:

My response was in retrospect to the OP's question.

 

My "empirical" response was my personal experience with the AZEO, that I used extensively, at first, with minimal gain, as compared to allowing small balances of $5 or less to report, of which I instantly(a month later) started to see a far larger increase in my FICO score. You noticed that in my response I noted that this was "MY" experience and even suggested that he/she would likewise have to test both options to see which one works for them.

 

My "personal" experience using AZEO for four months was extremely frustrating, as I expected more. I researched a ton of websites from advice to community boards, including the community boards right here on myFICO and even emailed some of the most acclaimed individuals in the industry, who, like you, didn't understand why AZEO wasn't working and suggested, I try leaving small balances and I did, then BOOM! it worked. Again, I tried AZEO, with all five of my cards for four months and saw minimal gain and a 162 point increase in my FICO 11 months into my rebuild trumps that of what others experienced.

 

You replied to me, stating, "AZEO does work, as it has been documented extensively. Unsure why it did not work for you."

 

I never swept AZEO with a broad brush and stated it didn't! I simply explained to the OP that this is something that he/she should test on their own and see first hand which method works best for them, as we all should.

 

Besides, as easy as it was for you to shout, "It's been doucmented, I, too, can doucment several "cited" sources, who stated that they do not agree with the AZEO method, as with everything in life from shopping to dining is a matter of preference. If you only follow the advice of a certain group of people, while ignoring that of others, then you are limiting yourself, as both options could be effective. Why shouldn't he/she attempt both methods? I would be upset if I stayed with the AZEO method and my FICO increased 90 points, compared to the162 points it did after I started leaving balances.

 

I did see  modrate gain using AZEO, but for me, "PERSONALLY," leaving a small balance on each card, allowing it to report, then paying it off a day or two later, BEFORE the due date, blew the AZEO method out of the water and I've used that method every month for the last year and a half, with exceptional results.

 

Now, with the excetion of the AZEO method, in essence we are offered similar advice, as I mentioned to the OP, that he/she was actuality in a good place, stating that he/she should get the secured loan AND another revolving, as many others have stated. I even mentined to the OP that he/she should after getting the one remaing revolving and the secured loan to simply "garden" for a while, and watch the offers fly in.

 

My reasoning for explaining my experience with AZEO was to give the OP a different approach, as "DOCUMENTED" by others on this site, as well as popular YouTubers, as well as astute individuals and influencers in the business of personal finance, credit, credit repair and more.

 

I never limit myself to "ONE" method, unless it's something far-fetched, I tend to try it all, at least once or twice.

 

Finally, the reason I obtained so many tradelines early on in my rebuild was, because since the crash of '08, I had paid cash for everything, except student loans...student loans that were reported inaccurately, because my G.I. Bill paid 80% of my loans, and after giving it a real good effort to solve this, I ended up getting fed up and sadly, allowed my 17 student loans to go into default, and they did.

 

However, since I had no credit except those 17 defaulted student loans that reported as "Charge-Offs" in 2014 and never reported again, meaning no monthly reporting of lates, the DoFD was set in stone and outside of me running my credit for Verizon phone lines, and getting my credit report once a yar, I had nothing on my credit.

 

BUT, as soon as I obtained my first two secured credit cards, guess what? Seventeen student loans that laid dorment for 4.5 years, all of a sudden were instantly reported, not by Navient/Dept of ED, but by some rugue collection agency AND they started to report all 17 student loans EVERY month, as if the accounts were still active.

 

So, like I always do, I inquired with a ton of community boards, inculding myFICO's community boards and were collectively advised that having just one or two positive tradelines reporting monthly, when I had 17 student lons reporting monthly was counter-productive, as my score took a huge deep as soon as those 17 student-loans hit my credit report, of which it was intentional to get my attention.

 

So, that's when I took the advice of many on these message boards, as well as others, and advice from several popular YouTubers and I added more postive tradelines to offset thos 17 student loans and guess what? It worked!

 

I also, started to weed through the numerous bull-headed CSR concerning my student loans and have been for the last year, waiting while my college registrar's, the VA G.I. Bill and the Dept of ED get their stuff together and get my accuarate amounts owed.

 

I also, was told that as soon as it's validated that there was an error in reporting, that even if I go through rehab for the acurate amounts, that I have a legal right to contest the reporting of the 17 student loan in general and have them removed. All was moving fairly quickly unil the pandemic started and we are at a stand-still, so to speak.

 

Anyway, now you see why i didn't explain why I acquire five credit cards, two secured loans and a Sel(Self Lender) account?


Thank you for the lengthy reply. I can feel the tone of your response and the fact that you feel as though I have little experience on the topic.

 

I have had plenty of debt over the years and have been clawing my way out, with success so far.

 

I also have 23 SLs on my CRs that defaulted, many of which are from 2001! I have rarely if ever had revolving credit and most of my mistakes consisted of the the SLs as well as some everyday bills that went to collections that when regularly paid do not report to the 3Bs. I also used cash only for the better part of 2 decades and did not touch credit for at least the past 10-13 years! Guess what? Even though our timelines and profiles are strikingly similar, the results were starkly different! And I didn't need to water down my profile with 6 or 7 different accounts to start seeing results. I got 1 self builder loan 9 months ago (because my SLs are defaulted and do not count, currently. Rehabs (yes, 3 rehab programs with 3 servicers!) will be completed shortly after Self loan finishes, so I will get credit mix points back). I also got 3 CCs, two of which are store cards and I do regret getting the last card. I wish I had just gotten the first 2. My SO has seen even greater gains than myself in short time period with a similar credit profile as myself and you, but only has 2 bankcards, 1 being an AU on my bankcard. That is how I know it is possible to rebuild with only 2 cards and acheive AZEO. My scores may not be where one would want to see them overnight, but in a couple months I have seen more gains than in the previous 18 years!

 

I have let balances report the first month while trying to get the hang of AZEO and was happy with the gains, but you know what? The following month when I did get AZEO right, my gains were exponentially higher. I will not debate this further. I never said you were wrong, but perhaps you just did it wrong, and whatever worked for you in the end: high five! One likely will not hit AZEO perfectly their first try anyway, so they will most likely see the difference between non-AZEO and AZEO first hand. But, maybe what is best known to work should be attempted before going by the way of the more "paid for" opinions of YouTube and the "road less frequently taveled" methods that may have more unwanted side effects down the road. They should be taken in cautiously and with more explanations on why they may be less desirable later in the rebuild/no longer in rebuild phases, but may show a little successful in the immediate. I never said your methods were wrong, just less desirable later on.

 

And no, I do not see why you did not explain yourself. You still did not explain why you needed to get *3* installment loans, which I  can only assume was to water down the history of your negatively reporting, 17 SLs. I still do not see the benefit of them getting 3 installment loans when they have major reservations getting even one due to their inability to pay it back. You say you were replying in regards to OP, yet nothing seems to reflect towards a very limited income. 8 new accounts, 3 of which would be installment loans could likely do more damage in the end.

 

I am glad your methods worked for you and there is no harm in sharing them. I would hate to see OP undertake a bunch of new accounts and then default on any of them down the road just to water down their profile, when the same thing could be achieved with a little more time and work without having to take on more debt. Finances over FICO, as they say around here!

 

Good luck!

Message 10 of 14
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