Jump to content

sisflomi Please help


vchevres
 Share

Recommended Posts

I tried to get a loan at my bank (Bank of America) using a $5000.00 CD as security and after doing all the paperwork the loan officer tells me that it will take a day or two for a response. I thought that by using a CD they wouldn't need to look at my credit file to determine if I qualified. Now I'm a little concerned that if they don't approve my loan I will just end up losing points because of the inquiry. Any advice ?

Link to comment
Share on other sites

Did you specifically ask for a secured loan? I would call the bank now and ask them if it was secured or not. They should not need to do an inq for a secured loan. I have done two now and a secured cc, and not inqs were pulled. I don't even have a job and told them that. Call them and ask, if they say they still do an inq tell them you want to pull the application out. Then call around and find a cu or bank near you that does secured loans and go with them. Always ask first if they pull the report for a secured loan just to be safe. I would not worry about 1 inq on your report. It will not hurt you that much, maybe a few points at the most. After 6 months they don't really hurt anymore.

Link to comment
Share on other sites

I called them and they said that is a standard procedure. It's a little frustrating but the loan officer told me that he put that I've been with the bank for a long time and that I am a good customer. He also added to please contact him before making a decision. Now who know what kind of weight this will carry but it would be nice to get this working to my benefit.

Link to comment
Share on other sites

Did you specifically ask for a secured loan? I would call the bank now and ask them if it was secured or not. They should not need to do an inq for a secured loan. I have done two now and a secured cc, and not inqs were pulled. I don't even have a job and told them that. Call them and ask, if they say they still do an inq tell them you want to pull the application out. Then call around and find a cu or bank near you that does secured loans and go with them. Always ask first if they pull the report for a secured loan just to be safe. I would not worry about 1 inq on your report. It will not hurt you that much, maybe a few points at the most. After 6 months they don't really hurt anymore.

Is a secured cc the best thing to get when repairing you credit

Link to comment
Share on other sites

You won't be turned down, you don't an inquiry, (most banks won't pull reports for secured loans) you don't have to actually spend much money at all, you don't have to have a job, you don't have to worry about what your credit to debit ratio is. (My interest was less than 5.00 total) And you can pay it back right away or even put the money in your checking account and pay it over a few months. To me it is the best and easiest.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.