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  1. #1
    Registered User Semi Pro Member

    No Installment loan? Here's a Good Reason to Get One

    They say a good credit mix can help increase your score and getting an installment loan might just do that for people who only have credit cards and never had a mortgage. It can rise as much as 10%

    So, let's look at it like this. You get the new installment loan ranging from 2.8% to 6.8% for 6 months or 3 years. You can now pay down the credit card balance that's charging you 19% (if you have no available balance transfer offers). You've effectively killed two birds with one stone with this strategy. I do like animals & nature though so it is only a figure of speech.

  2. No Installment loan? Here's a Good Reason to Get One
  3. #2
    Registered User Pro Member
    Nice tip. I haven't heard of that one before and it makes perfect sense. Anytime you can screw the credit card companies with their crazy high interest rates I am all for it. Okay, I actually mean anytime you can benefit from lower rates and there are little to no fees involved.

  4. #3
    Registered User Semi Pro Member
    I wonder if this will help me. This sounds like an insider tip. Great timely information as I am trying to raise my score of 648 to over 700.

  5. #4
    Registered User Semi Pro Member
    Yes, indeed. It is an insider tip and worth it if you haven't had an installment loan in 10 years.

    It would be categorized in the same genre of secured credit card, secure personal loans, etc. Check with your local credit union as well. Alliant CU has a pretty good one.

  6. #5
    Registered User Senior Member
    That is a good reason to get one. I get my cars used, about 2-4 years old and I don't like auto financing so this is a nice way to diversify my credit mix.

  7. #6
    Registered User Semi Pro Member
    I've read that some people take a hit of 60 points when applying for a car loan and being approved. Almost instantly, their score takes a steep drop. But, they never report back what happened a month or two later to their score if it ever recovered. A large majority of people don't report something beneficial, yet they do report problems.

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