msekinah Posted December 10, 2007 Report Share Posted December 10, 2007 I'm anxiously awaiting taking my lunch in order to transact a litlle Credit repair business. You now, I've got $6000 that I want to open a few secured credit lines with. My question is should I open one line of Credit for $6000 or should I divide it up into two? I'm thinking one secured loan from the CU and one from bank of America or something like that in order to mix it up. i'm looking for what impacts my credit the most. Plz advise Link to comment Share on other sites More sharing options...
LeslieR Posted December 10, 2007 Report Share Posted December 10, 2007 I would spread it out. Link to comment Share on other sites More sharing options...
Moneedshelp Posted December 10, 2007 Report Share Posted December 10, 2007 I would suggest an installment loan and a secured credit card. Good luck Link to comment Share on other sites More sharing options...
myscoresawful Posted December 10, 2007 Report Share Posted December 10, 2007 You might want to consider spreading it out even a little further.There is a post here somewhere that goes into more detail, and I would look it up for you, but right now I'm at work and limited to what I can do for the moment, but what about CDs?I read that you can get a CD, and then borrow on it, paying it back, and then doing this again for added tradelines.So, you could do the BOA CC, a secured loan with the CU, and then an unsecured loan from the CD. The good thing about the CD, you earn interest.Just a thought, wish I had $6K to play with:wink: Link to comment Share on other sites More sharing options...
direred Posted December 10, 2007 Report Share Posted December 10, 2007 No -- get ONE BIG LIMIT.Don't bother with the installment unless you're going to purchase a car within a year. If you are, then do two transactions; I'd get a secured card for $4k and an installment loan for $2k. Link to comment Share on other sites More sharing options...
lovebug5 Posted December 10, 2007 Report Share Posted December 10, 2007 Agree with the above. Spread it out...Grab a secured installment account and 1 or 2 secured CC's. You want to show the positive payment history on multiple TL's! Good luck! Link to comment Share on other sites More sharing options...
whocares Posted December 11, 2007 Report Share Posted December 11, 2007 I would avoid secured as much as possible...what are your scores like, maybe get a few easy to get TL's like crown jewelers...establish a few good lines than try for real credit.I would also try the CD route as long as the bank does not mark it secured....Secured on your report just attracks the sharks in the water...As far as a secured card...I'm having a hard time closing my secured card and getting my funds back...thats a real issue for me...4 years perfect payment and they will not unsecure and the card has -120.00 balance and they are hasseling me about returning that too...other than that...be careful what secured card service you use...some are a real scam. Link to comment Share on other sites More sharing options...
brokeinok Posted December 11, 2007 Report Share Posted December 11, 2007 No -- get ONE BIG LIMIT.Don't bother with the installment unless you're going to purchase a car within a year. If you are, then do two transactions; I'd get a secured card for $4k and an installment loan for $2k.Positive reporting on multiple TL's would have a bigger impact on the score than one large one. The idea of borrowing against a CD is great and as he said, you earn interest on the CD while you are getting a positive TL on your credit. Link to comment Share on other sites More sharing options...
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