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Best Bank/Credit Union for secured loans. With no credit whatsoever. 2021.


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I've never heard of the "3 loan maneuver." 

 

Have you tried a cold app for an unsecured Capital One card?

 

To maximize the long-term value of any secured cards you open, target those cards that graduate to unsecured.  I believe Bank of America and State Department FCU offer these types of secured cards.

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Have you spoken with a loan officer at the bank where you currently do business?  If not, why not. 

 

For what is described, there is precisely zero reasons to look outside of the local area.  Even a small local bank can do a CD-secured loan which is essentially the same thing as a CU and their share-secured products.  In both cases, they have $500 or $1K of your money and will usually lend against that for a few points more, which puts you into a sub-5% short-term loan. 

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  • 6 months later...

Hello all,

I'm looking into taking out a secured loan. (I did this years ago with Alliant and it worked wonders).

 

Question - does the amount of the loan make any difference? If I take a $500 loan vs a $5000 or $50,000 loan - does it look any different on my credit?

(Notably I'll be paying it down to 9% of course, right away).

 

 

Thanks

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  • 3 weeks later...
On 11/17/2021 at 11:05 AM, mancunian said:

Hello all,

I'm looking into taking out a secured loan. (I did this years ago with Alliant and it worked wonders).

 

Question - does the amount of the loan make any difference? If I take a $500 loan vs a $5000 or $50,000 loan - does it look any different on my credit?

(Notably I'll be paying it down to 9% of course, right away).

 

 

Thanks

 

Hi there, and sorry for the tardy response.  Your question sorta got lost in an unrelated thread.

 

A couple of notes about installment loans and their impact to your FICO scores:

 

- If you have dirty reports you may not get much of a bump;

- One open installment loan is sufficient for any desired score gains (adding a second could actually hurt because of the new account reporting);

- You can ascend to prime (and superprime) territory without any installment loans at all;

- The score impact disappears when the installment loan is paid in full and closed.

 

To answer your specific question, the amount isn't important for FICO, but note that as the balance decreases the impact to your score moves in the other direction (up!). 

 

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On 4/23/2021 at 11:31 AM, KodyRP said:

My account is considered invisible/thin..Equifax think I dead smh. But I’m looking to build my credit using the 3 loan maneuver. Any help in which Bank/ Credit Union I should consider would be greatly appreciated.

Why no just have the banks to manual under writing to get the clear financial picture of you instead of the decision being left to a computer algorithm? 

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