I've been doing some reading and stumbled upon people rebuilding their credit by taking out secured loans from banks. Has anyone tried this? What banks are "secure loan" friendly. Wondering if it has more weight on credit report than using a credit card and paying it off each month?
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Filed CH7- Jan 2010
341 Meeting- Feb 2010
Discharged-April 2010 -
I live in Kansas & called around last month looking for a secured loan because I read about them online. The banks acted like I was a loon!! Not a single bank or credit union anywhere around here had ever heard of them
I'd love to know if these actually exist, not that they could help me now, but for future reference!
Discharged Ch 7 9/10/08
Livin' the GOOD life
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Only secured loans I know about are ones where they give you a loan based on your savings account balance or like a home equity loan which is like a secured loan.BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
Scores: EQ 745 EX 704 TU 710 as of 08/15/2012Comment
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Credit unions are more friendly. Go buy you a 1K CD, and borrow 1K, using the CD as collateral.All information contained in this post is for informational and amusement purposes only.
Bankruptcy is a process, not an event.......Comment
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