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?

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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