getting a small loan

[TIM TIM TIM]

As my old thread states, I am 18 and trying to start credit, I read all about the secured cards and what not. I also know that cards dont raise your credit all that much compared to car loans and house loans, But what if I took out a small loan (with a parent cosigner) and basically just paid it back with the money i got out (obv needing more for interest). Would this help my credit or what?

[TNathe]

yes, its what i suggested you do in your old thread. talk to your lender and tell him/her your plans. they will tell you how long you need to make payments before repaying the full balance. I will research it tonight on Carlton Sheets book, there is a method where you have 3 small loans and all three of them pay each other. I will try to report back tomorrow if I remember to look it up tonight.

[_Charles_]

I also know that cards dont raise your credit all that much compared to car loans and house loans

here is the breakdown (roughly)...

http://www.tampaforums.com/forums/attachment.php?attachmentid=177&stc=1

It's all detailed in my FAQ, but obviously, payment history is the largest portion. Most mortgages are 15 to 30 years, and car loans are 5 years. This builds both payment history, and length of credit, but it takes time. YOu can do the same with a credit card, just pay on time every time and keep the card for a long time.

Notice that amount owed is worth 30% of your score.

I highly suggest you read the FAQ. there are tips on how to increase your score.

Charles

[TIM TIM TIM]

all i see is a red x :dunno: