@CreditGuyInDixie
Thank you for the response! It seems like currently only Navy FCU is offering a shared secured loan. There is a topic for the quest for another option http://ficoforums.myfico.com/t5/General-Credit-Topics/The-Quest-for-an-SSL-alternative-to-Alliant/td...
And I don't think I can be approved for an unsecured loan yet due to not being a citizen/green card holder. I learned about that when I tried get a student loan last year
@Anonymous wrote:As a recent transplant to the US, I have a limited credit history of just one year. I currently have 5 credit cards (0 authorized user cards) but no installment loans. I am wondering if I should add an installment loan for $500 from Self Lender or a secured deposit loan from a credit union (I see that Alliant secured loans are not an option anymore)? As I understand my score could increase due to having better credit mix, helping my future possible car loan and mortgage rates. Is there anybody with a similar experiance, how did it effect your scores?
Look at my signature, cuz I have a very similar profile. I have 5 credit cards, but a credit history of almost 2 years. I added an Installment Loan in December at 1.5 years of credit history, and my score jumped from ~760s to 790s! Well worth it, but Self Lender can be pricey ($70 after fees+interest, if I remember right). However, there aren't many other options since they closed Alliant's Secured Loan option.
But if you can get something, and you're fine with the cost (whether its a hard pull or VERY low interest/fees), pull the trigger if you want the free boost ~30 points 