How much can a payday loan that reports to the 3 bureaus help my credit score?
How much can a payday loan that reports to the 3 bureaus help my credit score?
I recently saw an offer to get a payday loan that reposts to the big 3 credit agencies.
How much can getting payday loans and paying them off on time REALLY improve my credit score?
Best answer:
Answer by bdancer222
It’s surprising that a payday loan would even report to a credit bureau! It probably wouldn’t help your score much since payday loans are short term. There wouldn’t be much history to report.
Payday loans will cost you a fortune in interest. The APR is in the 600%+ range. This would be a really bad way to try and build credit.
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Why on earth would you even consider doing that?
I would really question whether this payday lender is truly reporting to the credit bureaus. Most payday lenders do not.
You would do better to save up $ 300 and go to your bank and open a secured credit card.
Volunteering to be charged 600% interest so you can get a credit score is a hefty price to pay.
Alternative lenders reduce your credit score. So not only will your score drop, the damage will remain on your report for 7 years. Pay insane interest and fees on time and hurt your credit??? This is the best case scenario.
Having a sub-prime lender on your credit report (especially an active account) can actually hurt your credit more than it can help.
I recently ran across some Credit Unions that are offering credit rebuilder programs - bank account, secured credit card, and small secured signature loans. This is prob. a better option if you could save up $ 200-500 it would get you started. For more info and links to the programs go to - Secrets to Improve Your Credit - http://secretstoimproveyourcredit.blogspot.com/ - and scroll to the links at the bottom of the blog.
they don’t report, only when you don’t pay them, after today 7-21-10, with the new financial reform bill, they will be going the route of the hula hoop and mood rings