I have a car chosen that I am about to purchase and can do so with cash. However, my FAKO scores are sitting in the low to mid 600's due to no active trades reporting, so I thought I might be wise to get a car loan reporting. What might be the fastest, easiest loan to get (even secured or collateralized) to help boost my score? I can't to conventional dealer financing since it's a 9 year old car. Thanks.
Some banks will do a "Credit Builder" type loan. You deposit the money into an account, they issue the loan. Some banks will make the account so that the only transactions allowed will be repaying the loan, so that you know that it will be a positive payment history (and if you were going to pay cash, you wouldn't have had access to the funds when it was spent, either. )
Installment loans do not do much for your scores. You need revolving accounts to move your FICOs. Also, FAKOs can be so out of whack they're not worth looking at to try to judge where your true FICOs may be. Depending on what is all on your reports, you may need to look at secured credit cards for now. You should have at least two open positive TL's reporting.
