Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question 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? By thetachi136 Posted on 06/27/08 Total Answers 3 Answers- 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. Answer by : Rose On Date 2008-06-27 16:32:16 Are you smart enough to listen to some good advice from someone who’s been where you are? I’m betting you are because you’re seeking information on how to improve your credit score, which is a very smart thing to do. Maybe you’re hoping to buy a house one day and you know a higher credit score will not only<!--increase your chances of being financed, but will also influence the interest rate you’ll pay. You probably already know that generally speaking, the higher your credit score, the lower your interest rate. http://best-loans.awardspace.com/creditscore.htm Maybe you just need to improve your credit score because your credit took a blow due to divorce, illness or loss of a job. Whatever your reasons for wanting to improve your credit score, you’re to be commended-->and I’m going to help point you in the right direction.One very important thing to keep in mind -- when you finish reading, don’t forget to click on the links I’ve provided at the end of the story. Answer by : Nicolette On Date 2008-06-27 18:05:07 First question: do you think your credit is bad? If so, get a copy of your report and do what you can to clean it up that way. Bad reports won't go away just because you do the secured loan. Also, I've never heard of a loan of less than 1 year. You'd have to do a longer term loan. Pay it on time for at least a year. Make sure there are no prepayment penalties then you can pay it off early. Just remember - if you use the money in the bank to secure the loan, you can't touch that money to pay the loan. Just tell them at the bank what you want to do and they should have suggestions for you. Maybe a small ($1,000) secured credit card is the way to go. You won't be paying interest if you only make small purchases and pay it off every month. That way the rest of your money won't be tied up and you won't pay any interest at all like you would on a loan. Good luck. Answer by : Andrea T On Date 2008-06-27 18:19:22   Go Back To Search Results