JackP Posted November 1, 2012 Report Share Posted November 1, 2012 I have bad credit, 620 with 1 deliquent account in collections for the past 3 years and another one since April. What I wanna do is open a secured loan with either a bank or a credit union, What kind of requirements do they look at? do they run your credit still? I know that they require you to open a savings account or a CD for collateral. Link to comment Share on other sites More sharing options...
1stStep Posted November 1, 2012 Report Share Posted November 1, 2012 Since these loans are 100% collateralized, then they most likely, will not look at credit. Just make sure they report to the CRAs... Link to comment Share on other sites More sharing options...
S. Louis Blisko Posted November 1, 2012 Report Share Posted November 1, 2012 Collateralized or not any CU will pull your credit. The real question is whether or not they require a score above 620. Depending on what type of collateral the answer is probably yes at 620. Most Credit Unions work with account holders to lend on Cars and even unsecured credit cards with lower scores. If you working and have pay stubs to show or tax returns you can probably increase your odds and the amount they are willing to lend. Link to comment Share on other sites More sharing options...
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