Hello. I was told to get a secured loan of 200 and pay it within the month and wash and repeat. Does this affect your aoaa? Will this help my credit?
If each loan is reported as a separate one, it can annihilate your AAoA rather quickly unless you have 30+ accounts that are several decades old.
The point of secured loan is to get one with a lender that would allow you to immediately pay it below 9% and push next payment well into the future, so you can get benefits of a low utilization loan without doing exactly what you described above