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Taking out a small personal loan can be a good strategy for repairing bad credit or bulking up thin credit. What’s not so clear is how bad credit or thin credit will allow you to do that. Credit builder loans might be the answer, typically ranging from $500 to $1,500. When secured by loan funds or collateral, credit builder loans do not rely on your credit for eligibility. And provided you pay as agreed, they help build your credit score.
Entries Tagged as 'Credit Rebuild'
Credit Builder Loans: How They Work & How to Get One
August 8th, 2017 · No Comments · Credit Rebuild
Tags: personal loans
How to Repair My Credit With an Installment Loan
August 24th, 2016 · No Comments · Credit Rebuild
If you have bad credit, cleaning up the mess that’s already been made is only half the work. Adding new (positive) credit is the other half. And one way of doing that is through an installment loan. It’s not the only way, though, and may not be the right way for you to go. Here’s how it could help, how it could hurt, and how to find the best deal.
Tags: installment loans
What’s the Difference Between Revolving and Installment Credit?
July 13th, 2016 · No Comments · Credit Rebuild
One of the best ways to improve your credit is to make sure you have a good mix of credit types – both revolving and installment. There is a third type, called “open” accounts, but they usually only get reported to the credit bureaus if you’re delinquent. So, by all means, pay open accounts on time (to keep them off your credit reports), but the only things you want to see on your reports are revolving and installment accounts.