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Should I get a secured loan?

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Valued Member

Should I get a secured loan?

Hello all,

Some background:

Up until last month, I hadn't used credit in over 7 years, and the only items in my report were two paid revolving accounts (probably due to fall off soon) and a collection.  Last month, the collection dropped off, so I decided to try for a credit card (earning me my current 3 inquiries).  Although I had no FICO at the time, Wells Fargo approved me for their Propel card (3,000 CL), which then gave me an EXP FICO 8 of 707.


Needless to say, I'm pleased with the result, since I was assuming I'd have to go the secured route.  However, I'm planning to get an auto loan in 12-18 months, and was wondering if getting a secured loan (for the next 12 months) would be worth another hit.


Currently, my scores are:

FICO 8 656

AUTO 8 612


This is due to my letting my Propel utilization report @ 2254 (75%)

which I wasn't too concerned about initially, but will lower before I seek any other credit. 


Any help is appreciated.

WF Propel 3k 3-19
Discover IT 2,750 9-19
Message 1 of 3
Super Contributor

Re: Should I get a secured loan?

I would suggest yes, getting a $500 Share Secured Loan from a local CU. It adds another type of credit to your Credit Mix.

I added one in 2015, didn't go through the games to try to pay it down to a low percentage, as it will gradually pay down anyhow.

In the long run, it will help your score.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 2 of 3
Valued Member

Re: Should I get a secured loan?

Great, thanks.


That's what I'll do (once my next statement cuts, so my FICO will bump a bit).

WF Propel 3k 3-19
Discover IT 2,750 9-19
Message 3 of 3
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