We are in the process of rebuilding our credit. Has anyone out there taken or tried to take out a personal loan secured by either a savings account or a CD as a means of getting a bank reference on your credit bureau? I especially would like to hear from those of you that found a bank willing to use the proceeds of the loan as the collateral. What type of process did the bank put you through in order to achieve this? We are in the process of getting a loan using the loan proceeds. We are also going to obtain a loan using our own funds to secure the loan from another bank as this particular bank does not offer such a loan, but offers some products we are interested in later down the road as well as establishing a good banking relationship with them.
