Question by thetachi136: Will a secured loan (using cash) increase my credit score?
I have a few thousand dollars in the bank and I was considering getting a secured loan of a thousand dollars for like 3-6 months to help increase my credit score. Will this do any good? If so how much will my score increase?
Best answer:
Answer by Rose
Yes, but the loan must be on the books for at least a year for it to effect your credit score. The three credit rating agencies do not update their files on a monthly basis. In order to raise your score, you must make timely payments.
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