Hi, I am beginning my journey to fix my credit and I've been reading a lot about opening a secured loan (installment) from my bank. How helpful is this and how likely are banks to do this for their customers? My bank is somewhat conservative when it comes to underwriting I believe. I know I don't post a lot, but I've been reading the forums daily and have learned a great deal about credit and what to do/not to do. I thank you all for that. You have inspired me to follow your footsteps to success (like Christi and the others). Thanks
If you can get yourself a membership at a credit union, do it. They have better terms than a bank would. You should have no problem taking out a secured loan. Your credit shouldn't even be an issue on a 100% secured loan.
I got some secured loans from credit unions a few weeks ago, they were very nice, and didnt pull credit. Report to all 3.
I have a CU question! Is it easier to get a car loan (refi) at a CU than somewhere else? I REALLY need to refi my Honda, my interest is too high, and their customer services SUUUUUCKS!!! BTW How do I become a member?
You have to be affliated somehow, most are pretty easy.. live in a certain area, work in a certain area, work for a certain company, etc.. I would say it is easier then at a regular bank, and with lower rates usually. They also seem to give a lot fo personal attention, you can talk to the loan officer, etc.
My husband and I just opened an account with Xerox Credit Union for that very purpose! They say they don't even do a credit check, although they only report to Experian. That's okay...lol...one is better than none L
