topdollar64 Posted January 19, 2005 Report Share Posted January 19, 2005 What gives you the most bang for the buck in raising scores, a credit card or installment loan? Does it matter if they are secured? Does the term of the loan on an installment make any difference? I'll be getting a pretty sizable bonus next month and want to do what's most effective.Thanks Link to comment Share on other sites More sharing options...
DocDon Posted January 19, 2005 Report Share Posted January 19, 2005 It's a mix - and given FICO is proprietary, a best-guess scenario.FICO likes to see a well-rounded credit picture with a mix of the types of credit - revolving, installment, mortgage...It's been reported that FICO likes to see about 2-3 revolving accounts. If you fall there, that could be the focus of your attention.An installment loan is a set amount over a set period of time. This is a structured way to build your history (which FICO places a ton of emphasis on - 30 years is considered "prime credit history").Along with this, of course, comes with your ability to maintain credit usage discipline and the ability to make payments on time. Otherwise, it all goes out the window.Take a look at where you're at now with your types of credit, and we'll go from there. Link to comment Share on other sites More sharing options...
topdollar64 Posted January 19, 2005 Author Report Share Posted January 19, 2005 The only loans I have now are a mortgage and car loan. I have had recent past dues on both of them but am doing my best to pay on time or ahead of time on both. Due to a failed business I still have a few negatives on my report all which should come off this year. What are some of the easiest obtained and best secured cards that I can obtain with the below scores.EQ - 504EX - 568TU - Still waiting on reportThanks to all.Topdollar Link to comment Share on other sites More sharing options...
DocDon Posted January 19, 2005 Report Share Posted January 19, 2005 Check out National City and their secured card program. Link to comment Share on other sites More sharing options...
topdollar64 Posted January 19, 2005 Author Report Share Posted January 19, 2005 Doc,Is that nationalcity.com?Topdollar Link to comment Share on other sites More sharing options...
DocDon Posted January 19, 2005 Report Share Posted January 19, 2005 Yes, but apparently, they don't offer the secured card online. Here's some other links to help you out:http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=23491http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=11430 Link to comment Share on other sites More sharing options...
bigdaddyroy Posted January 19, 2005 Report Share Posted January 19, 2005 I highly recommend Amalgamated Bank of Chicao.. I have this one along with the National City card... Link to comment Share on other sites More sharing options...
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