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WHD88

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Will a secured loan help my credit
I am trying to rebuild my credit. My credit union offered a secured loan as one option. I have a chase credit card right now, but that is the only revolving account I have currently. My question is, how much will a secured loan help my credit score.

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It would be a good idea, just make sure that they report to ALL THREE credit bureaus, before applying for the loan.

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It may not at first, in fact it could hurt a little at first depending on your whole credit file.  Your average age will drop, and your utilization will be worse. Over the course of time though this is a very smart step and one that I took in the begining of rebuilding my credit. I borrowed 1k, used the 1k as colateral held in a CD and paid it back over a years time. after that I was able to get on a car loan (again seured with the car as the security) with a cosigner and been upward ever since. So short term, not at all, but this is a long term game and it will help in time.

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