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Secured loans for score improvement


barcwin
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Guest jeeptravel

Secured loans are viewed by some (me in fact) as a big waste of energy and money.

I recommend going to Daniel's Jewelers or some other local jeweler and putting 60% down and they will usually finance the rest.

Furniture stores also do this type of financing sometimes.

After an account like this and a payment or two, you'll be able to get an unsecured. If not, I have heard a good one is cross country bank.

Beyond that, if you have no chexsystems probs. a cedit union is a great way to rebuild credit. Open a savings account there and then ask for a line of credit using the savings as collateral.

Good luck! Eachg account you open can help your score theoretically.

JT

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Useing a purchased good (such as furniture, appliances, etc...) is often done by finance companies which do not help your credit much in the first place.

First, they bend you over with high interest rates.

Next, they don't use any vaseline when they are listed as FINANCE on your credit reports. You can even get a factor called:

TOO MANY FINANCE COMPANIES

The only kind of security that makes sense is if you can get your bank or credit union to make a loan against your paid vehicle. There, you can get a decent interest rate and still have a reputable institution finance the loan.

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