Share-secured loans

Discussion in 'Credit Talk' started by molly, Apr 21, 2001.

  1. molly

    molly Well-Known Member

    -Borrow against your savings or certificate account
    -Ideal for building credit

    I am joining my school credit union and they offer secured loans!!! I will have to find out if they report to all three bureaus.
  2. roni

    roni Well-Known Member

    Molly, I took out a secured loan against my Chase savings account for $1K this time last year. They reported to all three but I paid it too early. I paid it off in 4 months. I should have waited the whole year. Not sure if it helped me. Advise: dont pay it off under 6 months.

  3. Jim

    Jim Well-Known Member

    Make all the payments. Don't pay off early.
  4. ShyGuy

    ShyGuy Well-Known Member

    A month ago, I received a credit-union secured loan against my certificate account. The terms are great, and it reports to all 3 CRAs. Plus, it's set up for 12 direct monthly payments from my share draft account, so I don't have to worry about late payments. Best of all, because it is fully secured, the credit union doesn't pull a credit report.

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