I was talking to my credit union the other day about what they would recommend to rebuild my credit. She told me they have 2 programs to help. They have the normal share secured loan, but they also have what's called an "Estate" or "State" loan (couldn't quite understand what she called it). They basically put $2000 in an account for you that you can't touch. You then make payments towards it for like a period of 2 years, with a fairly high interest rate, 12%. Then at the end, you have $2000. Even if you've paid off part of it, you can't touch the money until it's completely paid off. Has anyone ever seen this or done it? Personally I think the share secured loan is a better way to go, but if you don't have the money to put into it, then this may be a good option. Just curious!
