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