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The "CD + Loan" cred

Discussion in 'Credit Talk' started by Saar, Jan 5, 2001.

  1. Jan 5, 2001 #1
    Saar

    Saar Banned

    I'm referring to the strategy of taking a loan strictly for credit building purposes, where the loan is 100% secured by a CD issued by the same bank.

    If anyone was able to arrange it through an online bank with a decent interest rate, please share your experience.


    Thanks,
    Saar
     
  3. Jan 5, 2001 #2
    roni

    roni Well-Known Member

    RE: The "CD + Loan"

    Why an online bank?
     
  4. Jan 5, 2001 #3
    Myers

    Myers Guest

    RE: The "CD + Loan"

    Doesnt work anymore. Tried it. The idea itself can still work, but banks will no longer finance you even if 100% secured.
     
  5. Jan 5, 2001 #4
    Saar

    Saar Banned

    RE: The "CD + Loan"

    Why? Did Congress abolish the loan industry altogether? :)


    Saar
     
  6. Jan 5, 2001 #5
    Steve S.

    Steve S. Guest

    RE: The "CD + Loan"

    U.S. Bank still does. I spoke to one of their bankers about a month ago. Primarily used to help build corporate or business credit with D and B. Don't know about using it for personal credit building.
    Good Luck,
    Steve
     
  7. Jan 7, 2001 #6
    Jim

    Jim Well-Known Member

    RE: The "CD + Loan"

    Steve,

    Please give me an e-mail I'm trying to build my corp. credit right now. I have a couple of questions for you.
     

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