-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.
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. roni
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.
