New Installment Loan and Credit Cards

Posted On: August 31, 2006

Author: Hideous
Posted: Mon Aug 04, 2003 1:31 pm
Post subject: looking to buy a house only i have one trade line

hi all.

I just did some heavy credit repair on my wife’s credit and it looks like the whole thing is wiped but my sears card that she is an authorized user on for 18 months with one 30 day late that sears removed but bureaus don’t know yet. So in order to get another trade line going we got a secured loan that reports as normal from our credit union. The thing is its not reporting yet and i was wondering. Will it end up being a help or not to wifes score ? If it will be a help i heard i can fax a copy of the loan approval to the bureaus to get it added faster.

One piece of info there was no inquiry on this loan so thats not a factor the only questioning factor is will a new installment loan for 400 dollars over 12 months help someone whos only other credit is a 18 month old sears card ?

Yes, after 6 months the new installment loan will help build the credit score up. I have done these myself with secured twice now. I did find that it really does help to build.

Any account that is new won’t help the score right away. It takes about 6 months of history to really start helping at all. If you were going to ad her as an AU on any cards, you want to make sure there is some history to that card before you do.