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Discussion in 'Credit Talk' started by Jeff, Apr 13, 2001.
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Author: Jeff (proxy-1562.public.svc.webtv.net)
Date: 04-13-01 03:54
Can I deposit a set amount of money into a savings account or CD and borrow against it with monthly payments to get my score up? This forum is fantastic! Thanks
Reply To Message == why not
I just did this with my credit union. I bought a $1,000 CD and took out a 1-year installment loan against it. My interest rate is the interest rate on my CD plus 2 percentage points. Because it's fully secured, the credit union didn't even pull a credit report, though I think that's pretty uncommon.
Re: secured loan
Recent information suggests that if the creditor reports your loan as secured, this could actually affect one's score negatively, the same way a tradeline w/ a finance company does.
But since some banks issue secured credit cards that aren't reported as such, it shouldn't be too difficult to obtain a secured loan that isn't reported as such.
"Secured loans" in this respect does not include car loans and mortgages, that - although secured - are coded differently.