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jasummers76

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Hi Everyone,

 

Looking for a subprime lender score is in the 530 range that reports to the CRA's. Do not really need the money but do need another positive trade line that is not a credit card. My mortgage company does not report and my car has been paid off a long time. My negs and Pos tradelines are all coming up to fall off my report in 2020 and I currently only have two Credit Cards. I have some baddies that I am paying for deletion.

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Payday lending (which is really what a subprime loan is as you describe) won't build your credit portfolio. Under a manual review (e.g. mortgage refinance) it could trigger a red flag as a sign of previous credit problems. Don't sign up with CreditOne or First Premier either.

 

Who is your mortgage company that doesn't report? I think there's a lot of folks on here who would like that problem.

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Hi Everyone,

 

Looking for a subprime lender score is in the 530 range that reports to the CRA's. Do not really need the money but do need another positive trade line that is not a credit card. My mortgage company does not report and my car has been paid off a long time. My negs and Pos tradelines are all coming up to fall off my report in 2020 and I currently only have two Credit Cards. I have some baddies that I am paying for deletion.

You may have a chance with Avant. However expect an extremely high interest rate of 20% plus.

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Truth is - if you "really don't need the money", don't get a personal loan. They charge interest. Even if it's a superb rate, you're still paying for that privilege. If you don't need the money, why get one? The idea that having another positive trade line is going to help you is accurate - but a personal loan isn't the right way.

Go to a credit union and open a savings account. When you have 500 bucks in it, ask them if you can convert it to a CD, and then borrow 500 bucks, and they can hold the CD as collateral. That would get you a positive trade line. Or simply ask them if they have a "fresh start" program.

 

Or open a secured card with one of the many major CC lenders, like BOA, Disco, etc.

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Truth is - if you "really don't need the money", don't get a personal loan. They charge interest. Even if it's a superb rate, you're still paying for that privilege. If you don't need the money, why get one? The idea that having another positive trade line is going to help you is accurate - but a personal loan isn't the right way.

 

Go to a credit union and open a savings account. When you have 500 bucks in it, ask them if you can convert it to a CD, and then borrow 500 bucks, and they can hold the CD as collateral. That would get you a positive trade line. Or simply ask them if they have a "fresh start" program.

 

Or open a secured card with one of the many major CC lenders, like BOA, Disco, etc.

+1000

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Hi Everyone,

 

Looking for a subprime lender score is in the 530 range that reports to the CRA's. Do not really need the money but do need another positive trade line that is not a credit card. My mortgage company does not report and my car has been paid off a long time. My negs and Pos tradelines are all coming up to fall off my report in 2020 and I currently only have two Credit Cards. I have some baddies that I am paying for deletion.

There is no shortcut to rebuilding credit legally.

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If you want an installment loan for the FICO "mix" component find a local FCU and get a share (aka: savings) secured loan. Interest will generally be 1 to 3% higher than the interest paid on the account used to secure the loan. It's a secured loan, so they shouldn't refuse you; they may not even pull a CR, depending on their internal policies.

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selflender.com

 

Yes, it actually works. You can do a $500, $1000, or $2000 loan for 12 months. You "borrow" the money, but instead of giving it to you, they put it in a CD. After making the 12 month payments, they give you your money back. Yes, it will cost you a little in interest, but it's great to just have a tradeline.

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selflender.com

 

Yes, it actually works. You can do a $500, $1000, or $2000 loan for 12 months. You "borrow" the money, but instead of giving it to you, they put it in a CD. After making the 12 month payments, they give you your money back. Yes, it will cost you a little in interest, but it's great to just have a tradeline.

Math is your friend. Selflender.com sucks raw sewage.

 

Konrad has an extensive, fact-filled thread about the joys of an Alliant personal loan that, by the way, also gives your credit score a decent boost.

 

Unlike Selflender, an Alliant (or virtually any other bank) does not charge you 7% to borrow your own money. Also, Self Lender gives you a whopping 0.10% APR on your deposit whereas Alliant gives you 12 times that rate.

 

Seriously, people need to step up to the plate and actually do their homework before making financial decisions. Making Chocolate Goodness decisions, such as using Self Lender, is what keeps people in a lifelong cycle of rebuilding.

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Our partner, Austin Capital Bank, lends $550, $1,100, or $2,200 that is held in a FDIC insured, certificate of deposit bank account ("CD account") for 12 months. The CD earns 0.10% APY while the loan has an interest rate of 10.57%. The total APR* is at most 14.77%.

FCU secured loan is almost certainly going to be a better deal than this. My current FCU charges 1% more than the underlying account used to secure the loan. My old one charged 3% more.

 

They're also charging administrative fees that an FCU is not going to hit you with.

 

Terrible deal.

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FCU will also give you more flexibility. I got a $200 secured loan at 0.6% for 36 months. Ridiculously small payments, interest measured in pennies, and no administrative fees. It's as close as you can get to a "free" TL if your credit is too trashed to get cards without AFs.

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