c3r3br0 Posted March 8, 2005 Report Share Posted March 8, 2005 Morning all, thanks to this board I'm now starting to move from credit repair to credit building. I opened an unsecured loan for $1000 at a local credit union which I will pay off in 6 months.After the six months I was going to apply for another unsecured loan from the same credit union for 3k or 5k. My question is this, when I read the facts about using a secured loan to boost your credit score it mentions applying at different institutions and not the same one. What is the downside to applying at the same institution? I thought it would be better to see the max amount of unsecured loan I could be approved for at this CU. Will this hurt me?Thank you for your much appreciated help. Link to comment Share on other sites More sharing options...
admin Posted March 8, 2005 Report Share Posted March 8, 2005 I don't know that it makes any difference in your score - where did you hear this (Not sure that it doesn't, just curious)? Link to comment Share on other sites More sharing options...
c3r3br0 Posted March 8, 2005 Author Report Share Posted March 8, 2005 Sorry, it was actually a link in the sticky, "credit Repair 101", to the thread "Rebuilding your Credit".http://debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=51excerpt:Smart Suggestions1. Open a secured loan with your bank. Pay half off before 1st payment is due. Pay another half when 2nd payment is due. Pay the rest in 4 equal payments. This is an easy way to move your score up from 20-50 points in a few months.2. Open 2nd secured loan with different bank. Do same as above.3. Open 3rd secured loan with different bank. Do as above4. Try Credit Unions5. Ford is BK friendly Scores low as 5796. Capital One secured - sent $99 received $500CL Link to comment Share on other sites More sharing options...
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