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Distances3

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Bad Credit - Will a secured short term loan help credit?
Hello Again,

I searched the questions that were available and most of them had different situations and reasoning. Sadly I noticed most were not answered but gave a different direction. So here goes nice and simple ( I hope )

Will getting a secured Personal loan ( Meaning I'm borrowing my own money and paying more ) over say... a two or three month term increase my credit score and assist my credit report looking so dismal?

My situation just for reference: My score is floating around 595 I have two remaining debts on my credit report approx. $8k that will be off my report in 13 months. Otherwise I had 5 paid off delinquent debts. POSITIVE: One paid off car and one paid off loan from 6+ years ago. Only thing I have current is a credit card that I've never missed a payment in the passed 8+ months.

Any advice would be great, The credit card I have is a secured Card that was a great suggestion from another member on here.

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I would do a loan for at least a year, two or three months is not going to help you much. Loans help you when they are open and paid down, not closed and paid off (well they do in a way, but not as much as an open loan). In my opinion, I would focus on getting another credit card first, even if it has to be another Secured card, but you may want to check with Capital One to see if you could be approved for an unsecured card (check the preapproval link on Capital One's website). After you have a couple of cards, then check into a Secured loan, just make sure that it reports to all three credit bureaus before you apply for it.

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Distances3

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Perfect! Thank you very much for your insight! my current card is with Capital One. Definitely would be nice to get an unsecured card just for the satisfactory feeling that it's possible.

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Ugh.. Typos...

  • past not passed.

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