aints68 Posted March 6, 2005 Report Share Posted March 6, 2005 I am trying to apply for a few new loans to help build my credit file. I have a few questions. If anyone could help me with these it would be much appreciated.1.. How long does an account need to be opened for before it will help your score?2. Is a loan with a higher balance (say $1000.00) going to give you a better score that a low balance loan (say $300.00)?3. If I get a secured loan, my money will be tied up until I pay it off. So, if I get a 1 year loan and pay it off in 6 months or less so that I can get my money back faster, will this help me any at all or do I need to keep the loan for the full term? Link to comment Share on other sites More sharing options...
workinninetofive Posted March 6, 2005 Report Share Posted March 6, 2005 I am trying to apply for a few new loans to help build my credit file. I have a few questions. If anyone could help me with these it would be much appreciated.1.. How long does an account need to be opened for before it will help your score?2. Is a loan with a higher balance (say $1000.00) going to give you a better score that a low balance loan (say $300.00)?3. If I get a secured loan, my money will be tied up until I pay it off. So, if I get a 1 year loan and pay it off in 6 months or less so that I can get my money back faster, will this help me any at all or do I need to keep the loan for the full term?1. I believe around 6 mths is when its not considered so "new".2. Yes, fo course. As long as your utilization is around 30% of the balance.3. I am not sure, maybe someone will jump in. I would keep it full term for the history. Link to comment Share on other sites More sharing options...
aints68 Posted March 8, 2005 Author Report Share Posted March 8, 2005 Anyone else have any input? Thanks Link to comment Share on other sites More sharing options...
jq26 Posted March 8, 2005 Report Share Posted March 8, 2005 I think workin is dead on. Your last question- yes I think it would help you most to give it a full year, but its still a PAID AS AGREED tradeline.I am in the same boat as you with opening loans to develop more tradelines. There are threads that you should read in the banking and obtaining credit area about secured loans and how to get them without paying much interest, if any. Link to comment Share on other sites More sharing options...
aints68 Posted March 11, 2005 Author Report Share Posted March 11, 2005 Yes, I read those. Most of the banks won't do these, but I'm going to try to fina a cedit union that will. Anyone else have any help? THANKS! Link to comment Share on other sites More sharing options...
aints68 Posted March 11, 2005 Author Report Share Posted March 11, 2005 Yes, I read those. Most of the banks won't do these, but I'm going to try to fina a cedit union that will. Anyone else have any help? THANKS! Link to comment Share on other sites More sharing options...
score booster Posted March 13, 2005 Report Share Posted March 13, 2005 I think one year is the magic number; although any positive history is good. Link to comment Share on other sites More sharing options...
score booster Posted March 13, 2005 Report Share Posted March 13, 2005 I think one year is the magic number; although any positive history is good. Link to comment Share on other sites More sharing options...
aints68 Posted March 18, 2005 Author Report Share Posted March 18, 2005 Thanks for the help guys. Much appreciated!! Link to comment Share on other sites More sharing options...
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