ok !!please advice ? secured l

Discussion in 'Credit Talk' started by mil, Nov 7, 2000.

  1. mil

    mil Guest

    last month i walked in to 3 diffrent bank and open a cd account then went back in there again and got 3k loan out from each loan (secured) term of these loans are 12months 8.6% and they paying 5.75% to my cd account .

    question : how long should wait before i payoff also if i payoff with in 4 months does this will help me increase my score?

    thx for ur advice
     
  2. roni

    roni Well-Known Member

    RE: ok !!please advice ? secur

    No, you must pay them over a longer span. Mil, i have read different opinions on this. But I believe that if you take longer to pay, it will definitely help your score. If you pay in 4 months if may help your score. I would go for the definite. I paid mine in 3 months & equifax stills has my loan too new too rate. I would wait. Patience counts.

    roni

    mil wrote:
    -------------------------------
    last month i walked in to 3 diffrent bank and open a cd account then went back in there again and got 3k loan out from each loan (secured) term of these loans are 12months 8.6% and they paying 5.75% to my cd account .

    question : how long should wait before i payoff also if i payoff with in 4 months does this will help me increase my score?

    thx for ur advice
     
  3. Kristi

    Kristi Guest

    RE: ok !!please advice ? secur

    I say 6 months to 12 months is minimal to establish a good credit payment history. Also make sure that the creditor does report to CRA, hopefully all three.

    mil wrote:
    -------------------------------
    last month i walked in to 3 diffrent bank and open a cd account then went back in there again and got 3k loan out from each loan (secured) term of these loans are 12months 8.6% and they paying 5.75% to my cd account .

    question : how long should wait before i payoff also if i payoff with in 4 months does this will help me increase my score?

    thx for ur advice
     
  4. mil

    mil Guest

    RE: ok !!please advice ? secur

    as always thx roni and kristi
     

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