Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
Sharpm1

0 Contributions
0 People Helped
Would getting a personal loan help build my credit history
I applied to get an auto loan and I was approved with a cosigner, they told me I don't have enough history. I've had a credit card for 2 years now my scores a 650, I thought I had enough credit history after 2 years. If I were to wait on an auto loan and were to get a small personal loan and made payments on that for a few months would it be enough to build credit history so I wont have to have a cosigner? Also help my score improve? Or would I be better off with a cosigner on an auto loan?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1131 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

It would be best to find a different lender that does not require a cosigner. Getting an installment loan will do little for your profile/scores over the next few months. Eventually you will want to have a minimum of 3 credit cards and an installment loan to build credit, but do not apply for any credit now because it would damage your chances of getting approved for an auto loan. Like I said, search for a different lender or dealership that works with all credit situations. Or buy a beater car, and build your credit for the next year and then go for a car loan next year.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.