Another post on establishing credit. In a few days, I should get a secured card that will report as unsecured. Keeping in mind the postulation about a "mix of credit," I just called ALL of my local credit unions (that I am eligible to join) and community banks, asking about their secured installment loan programs. Every single one either doesnâ??t report secured loans at all, or reports them as secured. Hence the question: given that I only have one to two old (long since closed) positive tradelines on my reports right now, would a secured loan flagged as such be better than nothing? Or should I instead get more secured cards that report as unsecured? Thanks.
<Bump> again. Hey, this is a simple question! I just want to know if a loan reported as secured is a good thing for someone with very little credit. Please help.
I'm curious about this as well. An automobile is a secured installment loan, and not a bad thing. Why would this be any different?