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Installment loan question

The last post in this topic was posted 771 days ago. 

 

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Hello,

 

1.  I do not have an installment loan (just credit cards and 1 retail card).  Well, I do have written off Santander vehicle loan and 2 others that show up on my credit reports as "installment loans" (Midland--Credit One cc, and NCB which bought from Santander).   <---collections correctly listed on my reports?  I am thinking about getting a secured saving loan like the old Alliant hack to increase my score a bit, pay it down to low utilization marks, under 30% and then under the 10% to maximize/help score.  The question here is will this secured saving loan still give me a score boost with the Santander on my reports?

 

Working on my baddies, even had a GW letter work recently.  

 

Current scores are 306-328.  All my open accounts are new as of this year from under 1 month to 7 months of on time payments.  35% utilization right now.  In 1 month will be under 10% utilization. I have used the simulators to give me idea of score increases, just curious about the installment loan.

 

Thanks!!!

 

  

 

 

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only open installment loans count.

 

don't waste your time/money on a hack when you have bigger fish to fry.

 

simulators are incorrect and useless.

 

I think there's a typo in your scores.

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Hey Shifter,

 

Yes typo as scores are between 606-628(fico-8)....thanks for the catch.

 

I should have clarified that simulators was reducing my total utilization down below the 30% to under 10% which seems to coincide with what is said on here and most write-ups targeting optimizing the credit score. 

 

I definitely get what you are saying about the bigger fish to fry as I am working on ways to crack the remaining few baddies.   The Midland I can ride it out till May or early deletes.  The remaining 3 are the tougher nuts/working on the angle of attacks on them.

 

As for the rebuild of my credit, I have the pieces set up to garden now and age, increase credit limits, don't miss payments, wash rinse repeat-bloom.

 

So if the open installment loan will help my rebuild side, this gives me another option on improving my score.

 

As usual, I appreciate your words of wisdom!!! 

 

  

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taking out an installment loan to pay down revolving credit will help tremendously. i speak from experience.

 

as long as you don't use that as an opportunity to build more revolving credit debt while paying off said loan.

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Thanks Bradk14!

 

I did that with a PAL (Payday Alternative Loan) from Suncoast Credit Union, so I know what you are talking about.  I used that $1k and  opened a secured SKY credit card.  Paying that PAL down to under 30% this next month.  This PAL reports as a Line Of Credit.  Both of these have been reporting positive the past 6-7/months.

 

The Saving Secured Loan, I will immediately get it to the 30% mark and then payments for the build/help.   Thanks.

 

 

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