Secured loan â?? better than nothing?

Discussion in 'Credit Talk' started by Nightlifer, Feb 18, 2003.

  1. Nightlifer

    Nightlifer Well-Known Member

    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.
     
  2. Nightlifer

    Nightlifer Well-Known Member

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  3. Nightlifer

    Nightlifer Well-Known Member

    <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.
     
  4. jlynn

    jlynn Well-Known Member

    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?
     
  5. thickman66

    thickman66 Well-Known Member

    any loan is good forr building credit if it reports to the bureaus and you are current.
     
  6. bigmon

    bigmon Well-Known Member

    I've been told by several lenders that an installment loan is better than CC even if it's secured.
     

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