I know this has been discussed on this board before, but I have the funds to do secured loans. I want to raise my FICO quickly. Does anyone know which bank to call to do this? Also does the larger amounts raise score higher? Lastly can I pay on off right away and get another to create several paid tradelines? I plan on opening one to keep for 6 months but woild like to do several others to put some good tradelines on my reports. Thank You to anyone who puts an effort to respond! PS which bank wont pull hard??
I'm just talking out of my a$$ here but... As far as what is the best [lender/bank/etc] to get a secured loan from, I would just simply call around. You want to know what the requirements are; do they report to all three CRAs (you want them to); will they report it as a 'secured' trade line or an 'unsecured' trade line (unsecured would be best); you want to know if they will allow you to use the loan proceeds as the collateral. As far as opening and closing multiple accounts in a short amount of time. I'm not sure if this would work or not. I think that time itself is the only thing that will really raise your FICO score. You could certainly try a couple and let us know how it works out for you.
I've used this approach and it works. Credit Unions are excellent, some may not even do a credit check and they will have lower interest rates. I don't believe that the amount has anything to do with the FICO but reporting "secured" vs. not may have an effect esp. on manual credit reviews. Leave the funds in for at least six months to a year. Pay off before you apply for new credit for a nice spike in the scores. 3 "Installment accounts are ideal esp. when blended with other types of credit i.e., credit card, auto, mortgage, etc.
