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creditcurious0519

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cash express and cash advance loan companies and their effect on credit scores
I've had an ongoing pay and reborrow situation at cash express. I was under the impression that it would helpmy credit but I'm not so sure now. Does anyone know the effect that small cash advance places have on a credit score??

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Routinely, the cash advance places will not help your credit.   I know of none who report transactions.  But if you slip and go into default, it will find its way quickly to your credit report as a very negative and that will haunt you for 7 years.   Move your pay and reborrow to a secured credit card, it serves the same purpose only it will be reported to the credit bureaus and it will help your credit.  I recommend USAA or Capital One for the secured.  Don't get one with monthly charges, I won't name that company.   A small yearly fee of $35 or less is reasonable and select one that will let you increase your credit line with additional deposits.   "Read the review of the cards!"

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