Moving Up

[Christie0909]

I now have 4 cards of which are unsecured! I am so happy. My score is still not where I want it but hopefully not too much longer from now.

[fontanaman]

That’s great Christie, congratulations! It’s just a matter of time now.

What’s your ideal credit score?

[Christie0909]

Not entirely sure, need to do some research. Good enough to buy a home!

[fontanaman]

Christie, have you thought about applying for a car loan? From what I’ve researched, a car loan is a great way to improve your credit. It adds to your credit mix and shows lenders you can handle an installment loan.

[Christie0909]

I haven’t yet. I don’t really need a car right now.

[fontanaman]

Ok. Another option would be taking out a small personal loan or any kind of installment loan (could even be a secured loan). Say, if your planning on buying a personal computer, you can take out a personal loan just to add some credit mix to your report. Just some stuff I’ve read that could help…

[Christie0909]

Okay thanks. No I do have student loans that are all in good standing. Is that the same as an installment loan?

[fontanaman]

Yes, a student loan is an installment loan.

An installment loan is basically a loan that is repaid over time with a set number of scheduled payments: personal loans, auto, mortgages and student loans.

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