Secured Loans

[Shae]

Where does one look for a secured loan?

[jq26]

Three places: credit unions, credit unions, credit unions.

Walk in, join, deposit money, then have them loan it back to you at dirt cheap rates. And make sure they report.

[Shae]

Three places: credit unions, credit unions, credit unions.

Walk in, join, deposit money, then have them loan it back to you at dirt cheap rates. And make sure they report.

Is it really that easy?

[jq26]

Did it three times. And it boosted my score nicely. First time it was $500. Second time, it was $1000. And the third time, it was $10,000.

You have to join and they usually pull credit. Once you are a member, then fill out an application and sit with the loan officer. In my case, I had to stop back the next day to pick up the check. Then deposited it in ING account. That's it.

Again, make sure they report. It would suck to do all this and find out that they don't report to CRAs anyway. And of course, don't blow the check. Save it to make the payments as they come due.

[Shae]

Did it three times. And it boosted my score nicely. First time it was $500. Second time, it was $1000. And the third time, it was $10,000.

You have to join and they usually pull credit. Once you are a member, then fill out an application and sit with the loan officer. In my case, I had to stop back the next day to pick up the check. Then deposited it in ING account. That's it.

Again, make sure they report. It would suck to do all this and find out that they don't report to CRAs anyway. And of course, don't blow the check. Save it to make the payments as they come due.

If I'm already a member, is it any easier?

[Moneedshelp]

generally

[aints68]

My 2 cents. I've done this several times. It works great, but do two things:

1. Borrow at least 1,000, higher if possible. I've been told larger loans score better than smaller ones.

2. Make sure the credit union reports to ALL 3 bureaus. Some of them only use the one in their region. To get the best effect of doing this, you want one that does all 3.

And it is that easy! Afetr I did a few at 2 different credit bureaus, one of them sent me an automatic UNSECURED loan of 5,000.

[AboveAverage]

My 2 cents. I've done this several times. It works great, but do two things:

1. Borrow at least 1,000, higher if possible. I've been told larger loans score better than smaller ones.

2. Make sure the credit union reports to ALL 3 bureaus. Some of them only use the one in their region. To get the best effect of doing this, you want one that does all 3.

And it is that easy! Afetr I did a few at 2 different credit bureaus, one of them sent me an automatic UNSECURED loan of 5,000.

Yeah the local one by me only does EX. I was so bummed.

[Shae]

Yeah the local one by me only does EX. I was so bummed.

The one I'm a member of only reports if the account goes delinquent.

So I guess I'll find a credit union that reports to all 3...

[schweetheart]

Hey guys, how do you find out where they report? Just ask them?

And does it have to be a credit union? I have a bank account with a small town bank that I've had for over 13 years and it's actually a free checking account for life that I opened during a promotion. I'd love to use them if possible.

[afdude2018]

My CU only reports to TU. There has been a couple times I've had to call them up and ask why they haven't reported something for 3-4 months. Like when I paid my Jeep loan off a couple years ago.

[Shae]

Hey guys, how do you find out where they report? Just ask them?

And does it have to be a credit union? I have a bank account with a small town bank that I've had for over 13 years and it's actually a free checking account for life that I opened during a promotion. I'd love to use them if possible.

Yes, just ask them.

[SandyeKay1]

CitiBank...I've done 2 already as low as $500.00, and I paid it off a bit early and did another....it seems to help the score.....