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Discussion in 'Credit Talk' started by LoFico, May 19, 2001.
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THIS IS ONE WAY...go to a bank deposit the $2,000 or what ever in a 12 month CD and ask for a loan against it...it is secured by the CD, so you CAN'T be denied...
You make monthly payments with interest, maybe 2.00% above the CD rate and it goes on your credit report as a "loan".
MAY VARY BY BANK, SO I WOULD CONFIRM THIS IS "DO-ABLE" AT YOUR BANK...
I did this early on in my credit restoration effort. It worked great and it shows as as a paid secured installment loan on all 3 credit reports. The term I used was 12 months.
It does not show in the public record area on any CRA report.
Here is what you have to watch out for:
1. Make sure the lender reports to all 3 CRA's. Don't assume it.
2. Don't pay the loan off early. Equifax will code the loan as "I" instead of the more favorable "I1" when paid off.
Shyguy did the same thing a few months ago. Look up his posts for more info.
thanks guys, this will help.
I didn't think this would be reported in the public records section of the credit report, but then again, we are in the process of doing this ourselves.
Okay, since there are some of you out there that have done this, did anyone do it where the bank took the loan proceeds and used that as the collateral? Also, did anyone have a credit bureau run on them?
Every bank I have contacted runs a credit check whether you are securing with your own bank account/CD or whether the bank is taking the money from the loan and instead of giving you a check, they are putting it into a CD. In the case where you are using your own money to secure the loan (a no loss situation for the bank), why run a credit check?
By all means, do contact the bank first regarding this type of loan as some banks have no concept of this kind of loan and others just don't do it.
IF YOU HAVE A CD...AND THEN LOAN AGAINST IT...THERE WOULD BE NO LOGICAL REASON TO DO A CREDIT REPORT (THEY COULD NEVER HAVE A LOSS)...
BUT INSURANCE COMPANIES NOW RUN CREDIT REPORTS TO "SEE" HOW YOU DRIVE!!!!!
maybe you could take copies of your credit reports into the bank. If they're recent, maybe they could copy those and use them.
If not, then you could at least get a yes or no based on your reports (obviously, your computer generated reports will be almost identical except for aging issues).
that way, even if the bank says they have to run one on the computer, you'd already know you're getting an approval in exchange for the inquiry. If they're going to deny you... they can do that w/your paper copies.
I actually called one bank and I was asked what I want the loan for... now, keep in mind I was going to secure it w/a cd for the full amount. So I was honest, I told her to build my credit. She said "we don't do loans just to build your credit".
You've gotta be kidding. With that attitude, I don't want to be at that bank anyway. Lord.
I made friends w/my banker. Was totally honest as to my credit and what has happened for the good in the last 2 years. I got a loan w/out a credit check (he used my hard copy reports). But I know it was not the norm.
I'm going to do 2 more w/them just to reestablish my "i" category. All my other credit is "r".
Just call around and be honest. It's actually in their best interest to do it, but sometimes they're bound by "protocol". Just make sure if they hurt your score a bit by pulling a report that you'll at least get the loan