What's the best secured loan for building credit? How do they work?

[Anonymous]

According to this thread SSFCU is an option. I live in Texas. Dos anyone have experience with them?

[AllZero]

^ That might be a good option.

Best to reply in that post. You might get some answers.

If funds are available and no other loan in your horizon, go for the longest term available. 10 years sounds great.

[OmarGB9]

Hi and welcome!

[Anonymous]

I used Self Lender.

https://www.self.inc

Do the smallest amount. It has the same affect on your "mix" as the larger amount.

[Remedios]

Self lender wont help OP if they are looking for scoring boost, as that wont happen till loan is significantly paid down (below 9%).
By the time they reach that point with self lender, a couple more payments and done
Also, they already have a closed, paid off loan, which contributes to credit mix.

I would not go that route if instant gratification and scoring boost are a goal.
If it's just to have a loan, then it will serve the purpose but they also need to be prepared for possible scoring loss due to AAoA reduction and fully utilized loan.

[Anonymous]

State Department FCU also does SSL loans once you become a member. The membership restrictions are easily met but I cant recall if there is a hard pull credit inquiry.