Yes, you are correct! If you get a installment loan and start paying it on time every month it will help you reestablish your credit and increase your credit score. Do you have a revolving account as well? If you don't, you can apply for a credit card with Capital One. Keep the balance below 10% and always pay it on time and you will see an increase in your credit score as well. Thanks! Heather with BoostMyScore.NET
My score that I last checked was like 550...need to pull it again...any recommendations? Thank you so much!
I would go with the Capital One Secured Card. Use it sparingly, always pay your bill in time and in full each month, and you should see a nice boost in your FICO scores after 6-12 months of responsible use.
