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Linda Roch
Linda Roch, Mensa Member
Category: General
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Experience:  I am a good researcher and I am a member of Mensa
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Credit is it true if u take out a secure loan that it will

Resolved Question:

Credit is it true if u take out a secure loan that it will built your credit score faster
Submitted: 4 years ago.
Category: General
Expert:  Linda Roch replied 4 years ago.

Linda Roch :

It will build your credit history, which accounts for 35% of your credit score.

Linda Roch :

Whether it is secure or not should not make much of a difference but usually secured items will give you a steady history as you're paying timely every single month for a while.

Linda Roch :

10% of your score is based on different types of accounts that you have experience with so it may help in this regard

Linda Roch :

however, if your debt to income ratio is negative, then it will hurt

Linda Roch :

so the main thing is to get debt that you can pay timely upon, regardless if it is secured or not

Linda Roch :

Is there anything else I can help you with?

Customer: whats the fastest way to build cresit if u have pior credit rhinkunf of bankrutacy because of husbands ex messing his credit up and we want to buy a house
Customer: hello anyone there
Linda Roch :

Yes

Linda Roch :

I'm here

Linda Roch :

I am a bankruptcy attorney

Linda Roch :

The best thing to do is to get a secured credit card

Linda Roch :

Those are cards where you put money on them first but use them as credit cards and you get points on them like a credit card as far as the credit bureau is concerned.

Linda Roch :

You can apply for them at major credit card companies

Linda Roch :

Also, if you're able to get one, you can get a high interest credit card or whatever regular card you qualify for. Just make sure to charge it only on things like gas and pay it off in full every single month. You should only do this if you know for sure you won't charge anything else, otherwise it becomes dangerous to use.

Linda Roch :

Also, make sure never to reach your card limit as that actually decreases your credit score.

Linda Roch :

If you have current secured debt, paying on time for that should help you as well.

Linda Roch :

Sometimes if you're able to become an authorized user on someone else's credit card account (for example family or someone close who has great credit history), that may help your credit score as long as you remain an authorized user. You don't have to actually use the card and should not. But this is probably the fastest way.

Linda Roch :

Please press Accept if this has helped.

Customer: can you gethouse loans with poor credit with a high downpayment and would banruptacy be easier if his score isunder 550
Linda Roch :

You can get loans with bad credit but the APR will be higher. You can do bankruptcy at any time as this will clear up your credit report and may or may not help your score depending on what it is right now.

Linda Roch, Mensa Member
Category: General
Satisfied Customers: 1320
Experience: I am a good researcher and I am a member of Mensa
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I am a good researcher and I am a member of Mensa