Building A Credit Score

[Anonymous]

For someone who has nothing on their credit report aside from a secured credit card, which they have had for about a year, which would have a greater positive impact on building their credit score: Opening an unsecured credit card or opening an installment loan, such as a student loan?

Thanks for your thoughts. 

[llecs]

IMO, a loan wouldn't help all that much. If it did, you probably wouldn't see more than a 10-point gain after many years.

If I was in that situation, I would make sure that one CC reports less than 9%. After it did, I would pull both FICO scores and selectively apply for a CC that pulls the report with the highest score. So if TU was higher, then I'd app for a TU puller like Wachovia, National City, Target, PNC, and others. If EQ was higher, then I would try a CU somewhere, HSBC, Chase, Citi, and so on. Use sites like whogavemecredit.com as a guide. Make sure your two FICO scores are over 600 first. If not, fixing your credit may be in store.