Will loans secured with my own money help build credit?
But will this help my credit rating?
Answers:
your credit rating will be fine as long as you make your payments for these loans.
as long as your bank does automatic reporting
it will show up as a secured loan however it will build history as long as they report
you have to ask because some only report late pays
It really depends on rather or not the company you are getting the loan through will report the loan to a credit reporting agency. If they do, and you make payments on time, then it should help your credit score.
I would set up a secured credit card. The best programs are from Wells Fargo & Bank of America. They have low annual fees, no application fees, no maintenance fees, and lower interest rates. They are available in all 50 states. Both Wells Fargo and Bank of America report their accounts to all 3 credit bureaus.
Stay away from the "Sub Prime" crap like First Premier, Aspire & Orchard Bank. They have lots of hidden fees.
You can review lots of programs at www.bankrate.com
Good Luck
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