Take secured personal loan soley to build credit history?

Answers:1   |   LastUpdateAt:2012-11-04 01:50:03  

Question
jejel
Asked at
Hi I have 19 years old my credit history is about 1 1/2 years old and I have two credit cards totaling 2,500 credit and my credit score is 736 now I need a loan , but imagine having a fast and paying back (a secured so that no credit drag ) increase my history / credit score and help my account and have to rent a car in the future . Does it make sense ? Is it a good idea? Thank you !
Answer1JasoAnswered at 2012-11-04 01:49:07
A credit score is based on a 12 month activity and usually goes up 5 to 10% per month providing you are paying on time.. If your score is 736, you do not have to get more in debt. The only time there will be a decrease is if you default on the loan or credit card.
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