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.