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secured loans?

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choppa02
Contributor

secured loans?

Im getting mixed reviews from family and friends on whether or not a secured loan would help build my credit. I have no installment loan history at all, I have three secured cards and a store card would a secured loan give my credit profile more mixture and possibly a little boost? I m trying to gain any points possible.
Message 1 of 3
2 REPLIES 2
bigblue7722
Valued Contributor

Re: secured loans?

I did one to help build a relationship with my cu. also, I added my dw bwcause she has never had a loan before. I would do it as long as you knew 100% you could pay the loan back every month. Credit mix is 10% of your fico score so hopefully it you could get some points

AMEX PRG NPSL,Lowes $17000,Capital One venture card $12,000,Us Airways mastercard $9500,Fidelity Amex $9000, Discover it $8000, Capital One Venture One $7500, BOA 123 rewards $7500 CSP $6000, Capital One Quicksliver $5500, Amazon Store card$5000,Barclay
Card Ring $5000 Chase Marriott $5000,Chase Hyatt $5000, Sallie Mae Mastercard $4400, Paypal smart connect $4000,Chase Freedom $3200, Capital one Quicksliver visa $3000, Chase IHG Rewards $2300, Chase Southwest Premier $2000, Citi Double Cash $1500, AMEX BCE $1000

Last app July 22nd 2015- No apps for two years.
Message 2 of 3
choppa02
Contributor

Re: secured loans?

If I do set up a secured loan with my bank or cu I plan on setting up auto pay for the loan. Thx for the reply
Message 3 of 3
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