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Secured Loan + Loans = pointless?

Member

Secured Loan + Loans = pointless?

Hey quick question

Is having a secured loan through self lender (Which I'm half way through now) pointless in helping my score or creditworthiness if I have student loans (Which are all current) that equal around $65K?

The secured loan was for $1100 and I'm half way through it so I have $550 left to pay. But is it even helping me at this point? Aren't they all installment loans?

Kind of want to just stop the secured loan and get the money back now and put it into a secured card or increase my CL on another card.

Thanks
Message 1 of 5
4 REPLIES
Established Member

Re: Secured Loan + Loans = pointless?


@wrote:
Hey quick question

Is having a secured loan through self lender (Which I'm half way through now) pointless in helping my score or creditworthiness if I have student loans (Which are all current) that equal around $65K?

The secured loan was for $1100 and I'm half way through it so I have $550 left to pay. But is it even helping me at this point? Aren't they all installment loans?

Kind of want to just stop the secured loan and get the money back now and put it into a secured card or increase my CL on another card.

Thanks

Are the Selflender accounts reporting to the CRAs?

 

If so, I would finish paying it off and use the money to open a secured CC

Message 2 of 5
Member

Re: Secured Loan + Loans = pointless?

Yeah it reports every month. Just not sure if it's actually helping
Message 3 of 5
Regular Contributor

Re: Secured Loan + Loans = pointless?

What do your scores say? Have they gone up since SL?


1st goal: 660 across the board
Starting Scores 01/19/2018
Equifax : 579
Transunion: 585
Experian: 602

Current 02/18/2018
Equifax:666
Transunion: 612
Experian: 650






Message 4 of 5
Valued Member

Re: Secured Loan + Loans = pointless?

I would say it really depends. As others have said have you noticed a score change? I also got a Self Lender account back in October. I also have 2 Auto loans that are reporting as well. That said the Self Lender saw my points jump up a good 20-25 points each as I had a low number of positive accounts.

 

So even with 2 other installment loans that were reporting in good standing I saw a decent bump from SL

EX 650 | TU 696 | EQ 684 (05/09/18)
EX 586 | TU 603 | EQ 575 (12/07/17)

Quicksilver - $2750
QuicksilverOne - $400
Discover It Secured - $300
First Access(Cancelled soon!) - $500
Self Lender Account
American Express BCE - $500
Message 5 of 5