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Unsecured Loan Question


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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.

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Sorry, it was actually a link in the sticky, "credit Repair 101", to the thread "Rebuilding your Credit".



Smart Suggestions

1. 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 above

4. Try Credit Unions

5. Ford is BK friendly Scores low as 579

6. Capital One secured - sent $99 received $500CL

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