Self lender after BK7

[Anonymous]

I'm rebulding after DC in MArch 2020.I have Cap1 secured and was just approved for cap 1 unsecured with $1,000 limit. I'm considering doing self lender to get an active instalment loan in my credit mix. I have a car laon that was discharged in the BK and a closed loan PIF that has fallen off some of my reports (from 2010). Do you think this is a good next step while rebuilding?

[blindambition]

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@Anonymous wrote:

I'm rebulding after DC in MArch 2020.I have Cap1 secured and was just approved for cap 1 unsecured with $1,000 limit. I'm considering doing self lender to get an active instalment loan in my credit mix. I have a car laon that was discharged in the BK and a closed loan PIF that has fallen off some of my reports (from 2010). Do you think this is a good next step while rebuilding?

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An even better option would be an SSL through CU, like NFCU. Are you eligible to join? Parents, siblings, grandparents in military?

[Anonymous]

Sadly, no. My sister is a Marine but we aren't close where she would sponser me. 

[DebtStinks]

I second what @blindambition stated since the positive impact of a 60-month (for example) SSL vs a 12-month loan are much better, especially for AAoA, etc.

If you're wanting to do a shorter loan with better terms for the consumer, I'd look into Kikoff.com for a 12-month NO FEES loan. They send you $12 upfront and you repay $1/month for 12 months. Simple as that. While this won't appear as good to a LIVE underwriter since it's such a small amount, it will have the same impact on your scores as a $500 12-month loan by the end of repayment.

Best of luck!